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Copper Rallies, Struggling to Maintain Gains

May 7, 2013 at 23:56 by Vladimir Vyun

Copper rallied today on hopes that the eurozone will be able to contain its financial crisis. European Central Bank President Mario Draghi said after cutting interest rates last week that the central bank is “ready to act again”. Politicians discuss possibility of a banking union that should help policy makers to respond to problems more effectively. There was a bit of positive macroeconomic data too, adding to the positive prospects for the European economy. German factory orders rose 2.2 percent in March instead of falling 0.4 percent as was predicted by analysts.

Some uncertainty about the future of the eurozone remains, putting pressure on copper. In fact, the metal is shifting between gains and losses right now. Slowing economic growth in China, the biggest consumer of copper, is not positive for the industrial metal either.

July futures for copper rose $0.0015 (0.05 percent) to $3.3035 as of 23:53 GMT today on COMEX.

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