ZOID RESEARCH 25-JUNE-2014 : COPPER

LME Copper prices gained marginally yesterday taking cues from positive economic data from the US. Also, weakness in the DX along with 0.5 percent in inventories supported gains.
Gains were capped as China’s imports of refined copper fell 17 percent to 282,969 tons in May. Also, speculation of further drop as the Qingdao investigation may curb purchases from abroad by traders who use commodities as collateral to get loans gained traction. The red metal touched an intra-day high of $6895/tonne and closed at $6877/tonne on Tuesday.

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