Copper Shakes Off Losses, Pessimism Lingers Thursday May 2, 2013, 5:15pm PDT By Vivien Diniz - Exclusive to Copper Investing News
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Copper gained back some of its losses on Thursday after the European Central Bank (ECB) cut interest rates to a record low and the Fed said it would continue buying bonds. Copper was up 1.7 percent on the LME, trading at $6,913 per metric tonne. It’s been a rough week for the red metal so far; three-month copper was down 3.7 percent on Wednesday, its biggest drop since April 2012. Despite having made back some gains, pessimism in the copper market is lingering and has been knocking at the door for a few weeks now, with some players calling in the bears. “Dr. Copper is sick,” commodities trader Dennis Gartman told CNBC on Wednesday, adding that other base metals, including zinc, tin and aluminum, are also faring poorly. Base metals, Gartman says, have been under “pressure and are starting to argue for weak economic growth |