By Francesca Freeman LONDON--Copper futures rose on the London Metal Exchange Friday, stabilizing alongside broader financial markets after the previous session's rout. The LME's flagship three-month copper contract was up 0.5% at $6,461.75 a metric ton in mid-morning European trade. Copper prices rose as investors took advantage of lower prices to buy and others -- seeing prices rising -- opted to close out short positions, or bets that prices would fall, said market participants. "Copper looks somewhat oversold," said William Adams, head of research at FastMarkets.com. "There may well be some bargain hunting and that could cause short-covering and option-related buying." Copper futures closed 1.9% lower on the LME Thursday, weighed by persistent concern about China's credit markets and fears escalating tensions over Ukraine would hit global growth. Attention should now turn to the release of HSBC's March China Purchasing Managers' Index for manufacturing, due Monday. Weak economic data from China, the world's biggest consumer of industrial metals, together with news about corporate defaults and a depreciating yuan has weighed on sentiment and base metal prices in recent weeks. "With China accounting for nearly 50% of the global demand for copper the developments there are being watched closely," said Ole Sloth Hansen, head of commodities strategy at Saxo Bank. "The risk of a continual slowdown does not bode well as it is happening at a time during which global production has begun to rise." In other base metals, aluminum was up 0.1% at $1,713.75 a ton, zinc was up 0.1% at $1,954.75 a ton, nickel was up 1% at $16,002 a ton, lead was up 0.4% at $2,078 a ton and tin was 0.1% higher at $23,025 a ton.

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