ZOID RESEARCH 23-JUNE-2014 : COPPER

LME Copper prices jumped by 2.7 percent last week as the Federal Reserve indicated towards recovery in the US economy. Also, China’s central bank extended a reserve-requirement cut to some national lenders in an effort to shore up an economy set for the weakest growth since 1990. Further, weakness in the DX along with 2.5 percent decline in inventories supported gains.

However, rise in risk aversion in the market sentiments after uncertain war situation in Iraq along with weak economic data from Euro Zone capped sharp gains. The red metal touched a weekly high of $6830/tonne and closed at $6820/tonne on Friday.

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