GDP rise fails to sway metal traders

Oct 29, 2009 | 12:21 PM | Tatyana Shumsky

Better-than-expected news on the economy buoyed stock markets Thursday, but metal traders remained skeptical about the outlook for exchange-traded metals.

The U.S. economy grew 3.5 percent in the third quarter, up for the first time since 2008 and beating analysts' expectations of a 3.2-percent increase in gross domestic product (GDP), according to the U.S. Commerce Department. The good news was driven largely by U.S. consumer spending, which rose 3.4 percent in the third quarter.

"You hear good news, but it's off such a low base it's not really very significant," a buyer for a copper wire manufacturer said.....

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