Copper rebounds after Wednesday's collapse

The price of copper bounced back on Thursday after its worst performance in more than five years the previous day over continued fears of a global economic slowdown.

Copper was up 1.63% to US$2.594/lb on the London Metal Exchange from Wednesday's US$2.552/lb, Chilean state copper commission Cochilco said.

"After a tumultuous day yesterday that took prices to a five-year low of US$5,353/t, we are seeing a decent bounce set in, although whether this is the start of something real or of the 'dead-cat' variety remains to be seen," INTL FCStone's Edward Meir wrote in a note.

Copper fell as much as 8% on Wednesday, after the World Bank cut its global forecast for 2015 and 2016. The cut brought prices down prices across all commodities.

BMO said in a note that it remains bearish on copper's prospects, saying that the biggest challenge for industrial metals "is the overhang of China's slowing growth on demand, as well as a strengthening US dollar."

BMO said the bottom of the current cycle could be around US$2.35/lb, based on historical figures.

Aluminum closed up 0.8% at US$1,782.50/t, with lead 1.5% higher at US$1,771/t and nickel up 2.2% at US$14,570/t. Zinc rose 0.8% to US$2,038/t, tin closed up 0.3% at US$19,460/t and molybdenum was flat at US$21,000/t.