ZOID RESEARCH 19-NOV-2014 : COPPER

Copper was the worst performer amongst the entire base metals complex. Cu declined by 1% and closed at $6631 MT. Fundamentally, Copper which was continuing to be in deficit since last week turned into surplus yesterday, indicating a rise in the production level over and above the demand for the metal. Despite the better than expected data from both US and Europe, the metal continued to fall. As per the latest quote, Copper has recovered slightly and is trading green at $6644.5 MT. In the latter part of the day, some volatility could be witnessed in Copper as well as US Building Permits, Housing Starts and FOMC Meeting Minutes are expected.

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