ZOID RESEARCH 14-JULY-2014 : COPPER

LME Copper prices traded marginally higher by 0.1 percent last week owing to optimism regarding the US recovery after unemployment numbers fell to a 5-week low, thereby signaling towards positive demand outlook in the second biggest consumer.

However, unfavorable economic data from the biggest consumer, China along with rise in risk aversion in market sentiments following default by the parent company of Portugal’s biggest bank restricted sharp upside in prices. Further, gain of 1.3 percent in inventories along with negative industrial data from Euro Zone and UK acted as negative factors. The red metal touched a weekly high of $7170.75/tonne on Friday.

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