ZOID RESEARCH 30-JULY-2014 : COPPER

LME Copper prices fell by 0.8 percent yesterday owing to surplus concerns as the world's top copper producer Freeport-McMoRan Inc clinched a deal with the Indonesian government to allow the miner to resume copper concentrate exports. Also, rise in risk aversion in the markets along with strength in the DX acted as negative factors.However, decline in LME inventories by 1 percent coupled with positive consumer confidence data from the US restricted further fall. The red metal touched an intra-day low of $7065/tonne before closing at $7074.5/tonne in the last session.MCX Copper prices declined by around 0.6 percent in line with international markets and closed at Rs.429.7/kg on Monday.

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