Posted On: 04/24/2013 9:30:00 AM
Post# of 4018
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Copper prices have been under pressure this year, shedding about 13% so far, and the International Monetary Fund's move on Tuesday to lower its global growth forecasts, only made it worse.
Experts, however, say the heavy short selling may dry up and spur a strong rebound.
"I don't think we'll stay below $7,000 for too long… The data shows that the market has never been this short. That for me is a big upside risk for prices because when people start closing out those shorts, you could get quite a big snap higher," Barclays’ analyst Gayle Berry told Business Recorder .
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