SINGAPORE, Feb 11 (Reuters) - London copper rose one percent on Friday, trading back above $10,000 a tonne, targeting the record high earlier this week after positive U.S. jobless data,while Shanghai metal also pushed ahead and tin hit a record high.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange rose 1 percent to $10,045 a tonne by 0131 GMT, having touched a record high of $10,160 at the start of the week.
* Shanghai's most active copper contract rose 0.8 percent to 76,490 yuan.
* "Dabbling is the word. I think (Chinese players) got bored on holidays and came back expecting another fireworks show," a trader in Sydney said.
* LME copper ended the previous session about a quarter percent higher, but investors may be getting impatient with the metals' inability to choose a path.
* Copper has surrendered more than 3 percent of its value from the highs, as investors began to question whether the sky-high futures price was justified given the sluggish state of physical market demand.
* Backing the upbeat tone, U.S. claims for first-time jobless benefits fell more than expected in the latest week to a 2-1/2-year low, data showed.
* In other metals, tin rose 1 percent to a record $31,800, buoyed by the renewed vigour in copper, and nickel rose 1.7 percent to $28,349.
* There may be a pennant forming in nickel, with a bias to break out to the upside $29,500.
MARKETS NEWS
* The Standard & Poor's 500 Index and the Nasdaq Composite Index eked out gains in the final minutes of trading as Egyptian President Hosni Mubarak said he would delegate powers to the vice president.
* The U.S. dollar drifted higher early in Asia on Friday, having made solid gains overnight as renewed jitters about the euro zone debt crisis weighed on the common currency.
* Gold fell on Thursday as the dollar rose after encouraging U.S. job data, and as safe-haven demand faded as investors expected Egyptian President Hosni Mubarak to step down, even though that development failed to materialize.
* Copper bounced to a firmer finish on Thursday, as chart-based buyers returned to the market following a three-day phase of consolidation that saw prices fall from record levels.