Copper Ends Below $7,000/T as Macro Pressures Bite

Reuters reported that Copper inched down for a fifth straight day on speculation over Europe’s deepening debt crisis.

As quoted in the market news:

The economically sensitive red metal closed below $7,000 per tonne for a second day in a row and stood near its lowest level in 14 months, as investors priced in the likelihood of a Greek default and the drumbeat of another global recession grew louder.

But the selling slowed and prices clawed back from their worst levels following a speech by Federal Reserve Chairman Ben Bernanke, which sapped safe-haven dollar bets by offering the firmest indication yet that the Fed may take further steps to prevent a weakening U.S. economy from stumbling back into
recession.

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