For years, a copper replica of Wall Street's Charging Bull sculpture stood in the lobby at the London offices of Red Kite Group, one of the biggest metals hedge funds. With prices near six-year lows, a new statue faces it, an even bigger roaring bear.

The bear, made of copper so shiny you can see your reflection, epitomizes the negativity in a market that's seen prices cut in half since 2011. Whether a turnaround is imminent or more gloom lies ahead will dominate conversation at the LME Week in London, the annual gathering of miners, traders and buyers that starts on Monday.

Glencore Plc last week became the flag-bearer for a revival, promising to cut zinc production by a third and sparking one of the biggest rallies in metals this year. Pessimists such as Goldman Sachs Group Inc. say the gains will be fleeting as the economy in China, the largest buyer, shifts away from a metals-intensive, investment-led growth model.

"China is the central issue," David Lilley, the co-founder of Red Kite, which oversees $2 billion, said in an interview. "However, it is noteworthy that the current conditions in the copper market are actually considerably better than most market commentary. Demand has been disappointing, but supply has also been worse than expected."

Metals Market

The uncertain state of the metals markets can be seen in the manic share-price swings at Glencore, a company that mines and trades metals including zinc, copper and aluminum. Its stock crashed 29 percent on Sept. 28 to a record low on concern weak prices threatened its ability to repay debt. In the two weeks since, the shares have almost doubled.

Billionaire Chief Executive Officer Ivan Glasenberg says the lows seen in metals prices don't reflect underlying supply and demand and have been distorted by speculation, and he's willing to manage production to support markets.