Copper above $7,000 as ECB easing hopes spark short covering

SINGAPORE, Apr 25:� London copper held steady above the $7,000 mark on Thursday, keeping its 2-percent gain from the day before after a stream of poor economic indicators in Europe raised hopes for easier monetary policy, prompting shorts to rush for cover.FUNDAMENTALS* Three-month copper on the London Metal Exchange� had edged up 0.11 percent to $7,037 a tonne by 0107 GMT, adding to gains from the previous day when it snapped a three-session losing streak to close up by 2.3 percent.* London copper has consolidated since hitting a year and a half low at $6,762.25 a tonne on Tuesday but is still down more than 11 percent for the year.* The most-traded August copper contract on the Shanghai Futures Exchange rose 1.74 percent to 50,820 yuan ($8,200) a tonne.* German business sentiment in April was worse than the� most pessimistic of forecasts, falling for the second consecutive month as Europe's largest economy was undermined by both its euro zone and Chinese export markets.* ECB policymakers rebuffed suggestions that Europe� should ease up on austerity and said that while the central bank has room to cut interest rates, such a move would not necessarily help the economy much.* Orders for long-lasting U.S. Manufactured goods� recorded their biggest drop in seven months in March and a gauge of planned business spending rose only modestly, the latest signs of a slowdown in economic activity.* Russia's Norilsk Nickel , the world's largest nickel and palladium producer, may suspend operations at its Tati Nickel mine in Botswana after a sharp drop in metal prices, a company document showed on Wednesday.* For the top stories in metals and other news, click, orMARKETS NEWS* Asian shares edged higher on Thursday, supported by� views that the recent run of weak global economic data will encourage major central banks to keep or deepen their monetary stimulus to bolster growth.* The euro was steady from late U.S. Levels, fetching $1.3018, remaining well off a two and a half week low of $1.2954 hit overnight after the Munich-based Ifo think tank's survey of German business sentiment showed its second straight monthly drop in April.(AGENCIES)