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‘Dr. Copper Is Sick’: Dennis Gartman

The move lower is base metals portends poorly for the U.S. and global economies, commodities trader Dennis Gartman said Wednesday on CNBC.

"Dr. Copper Is Sick," he said, adding that prices for aluminum and zinc were also heading lower. "And they don't argue for good economic growth."

On "Fast Money," Gartman said that while the growing copper inventories in Shanghai, London and the Comex were nothing new, the move in other commodities were cause for concern.

"I've been quite bullish of the economy here in the United States, but I think the base metals markets are making me look at things from an economic perspective a tad more pessimistically than might have only a very short while ago," he said.

"The base metals do speak loudly, and they're speaking very bearishly."

Gartman also looked at pricing in one precious metal and crude oil.

"Gold turned over today and turned over badly. I think it's time to start selling gold after this very strong rally," he said. "Crude oil started to move down yesterday and collapsed today.

As a whole, commodities were providing a warning signal.

"Things start to look very ugly in the world of commodities, and I really do think that that portends ill for the domestic – and for the global – economy," he said.

Trader disclosure: On May 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long EMC; Steve Grasso is funds long MSFT; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long ZNGA; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long JCP LONG PUTS, SHORT DEBT; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long WFC; Anthony Scaramucci is long YHOO; Anthony Scaramucci is long GOOG.

Symbol
Price
 
Change
%Change
.BRHG
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GOLD
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OIL
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COPPER
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