Excerpt from weekly report: In the month of May copper prices have moved up by 4.74% while on year till date basis the commodity is still undertone by 4.27%. This indicates the commodity has moved up mainly in this month while in the week it has gone up by 2+%. We believe majorly the commodity has gone up with the positive cues taken from positive equity performance from Europe and the US while Asian markets have stayed muted. Apart from the price performance the daily volatility has been high that the commodity was sometime taking cues from equity performance while at times it was taking cues from other market dynamics. We had expected the commodity to trade negative but there has been a significant turnaround in the prices and it rose by more than 2% in the week. Also, there is a sharp drop in the inventory by 10% at the global LME inventory which has also supported the metal to move higher. During the week cancelled warrant ratio has also been higher amid positive economic data released from the global economies.Try once at www.zoidresearch.com or contact us @ 9039073611.
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