(13/04) METALS-Copper steady on risk appetite; eye on earnings

April 13, 2011

Copper steadied on Wednesday as a round of global risk aversion abated and focus switched to earnings reports for new light on the global economic recovery, while reports of declining output continued to cushion prices.

LME copper traded at $9,630 at 1011 GMT, unchanged form $9,630 at the close on Tuesday.

The metal used in power and construction hit a record high of $10,190 a tonne in February this year.
"Copper continues to struggle to the upside in the absence of fundamental drivers, instead swinging alongside the broader market and getting its cue elsewhere with relatively anaemic spot demand," said VTB Capital in a note.