ZOID RESEARCH 26-JUNE-2014 : COPPER

LME Copper prices gained 0.7 percent yesterday as inventories fell for the 10th trading day in a row, and are at the lowest since October 2008. Also, weakness in the DX along with upbeat market sentiments in the latter part of trade supported gains.

However, U.S. which is the second biggest consumer saw its GDP declining at a 2.9 percent annualized rate in the first quarter, the worst reading since the same three months in 2009. The red metal touched an intra-day high of $6928/tonne and closed at $6922/tonne on Wednesday.

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