ZOID RESEARCH 11-JUNE-2014 : COPPER

Copper had been moving lower day by day lately with the prices taking huge negative impact of problems over warehousing and financing relate transactions in China As also stated in our weekly report, we believe the investigation of metals stored at China’s Qingdao port will probably continue to make banks cautious about commodity financing and thus weigh the positive movement in the commodity We are not getting any optimism out of the inventory or Contango/Backwardation front as well. Intraday call though remains cautious as commodity had already fallen big time lately. However, for today, we refrain from selling the counter as the prices are almost reading near the overbought zone.

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