Copper fell on Thursday as investors grew concerned about global growth after reassessing Fed Chairman Ben Bernanke's comments, and as the dollar rose versus the euro on renewed worries over Greek debt. Standard and Poor's said on Wednesday it may cut Greece's BBB+ rating by one or two notches within a month, undermining the euro, which traded close to a nine-month low versus the dollar on Thursday. A stronger dollar makes dollar-priced metals costlier for non-US investors. "We're still at a crossroads. People who follow fundamentals say the price is stupid, people with money who look at copper as an asset, they still think its going to go higher and it probably will, but the question is when: this year, next year or 2012?" said a London-based trader. Prices had edged up in early trade, aided by Bernanke's pledge on Wednesday to keep interest rates low. However, tandem remarks about an uncertain economic recovery began to knock sentiment on Thursday. Investors are eyeing economic data from the US later in the day, including the weekly jobless claims and durable goods orders, as well as a second day of testimony by Bernanke. PRICES * Three-month copper on the London Metal Exchange was trading at $7 118.75 (R55 455) a tonne at 12:42 SA time compared with $7 155 at the close on Wednesday. * Aluminium was at $2 124 a tonne from $2 137. DATA/EVENTS 12:00 SA time - Euro Zone business climate, Feb 12:00 SA time - Euro Zone consumer inflation expectations, Feb 12:00 SA time - Euro Zone sentiment data, Feb 14:45 SA time - UK CBI distributive trades, Feb 15:30 SA time - US durable goods for January 15:30 SA time - Weekly US jobless claims 16:00 SA time - Federal Reserve Chairman Ben Bernanke gives semiannual testimony on monetary policy and the state of the economy before the Senate Banking Committee. 17:00 SA time - US FHFA home price index for December 18:00 SA time - Kansas city Fed survey for February MARKET NEWS * The euro tumbled to a one-year low against the yen on Thursday, hurt by persistent worries about Greece's fiscal woes, a flurry of selling by Japanese names and stop-loss offers. The euro fell 0.6 percent against the dollar, edging close to a nine-month low of $1.3443. * Oil fell below $80 on Thursday, as the dollar recovered and the euro slid on concerns over the European economy, while the surprise rise in US crude stocks offset the fall on gasoline ahead of the driving season. * European shares fell early on Thursday, led lower by banks and commodity stocks on concerns that a potential downgrade of Greece's credit rating would hurt the region's outlook and hamper economic recovery * A tepid rally in Asian shares faltered early on Thursday and the dollar rose after Bernanke's reaffirmation of an extended period of low U.S. rates boosted risk-seeking but also raised some concerns about global growth. FUNDAMENTALS * Ivernia Inc announces restart of Magellan mine processing plant. * A lack of compelling incentives for both Japanese primary aluminium buyers and producers may help to cut the premium for second-quarter supplies slightly from a 14-year high set for the first quarter, industry sources said. * Belgium's Nyrstar, the world's biggest producer of zinc, returned to profit in 2009 with a sharp reduction of costs and said it would once again pay out a dividend. TECHNICALS * Copper support was at $7 075 a tonne and resistance at $7 285. The 14-day RSI was at 52.1 * Aluminium support was at $2 090 a tonne and resistance at $2 179. The 14-day RSI was at 51.72. - Reuters

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