Commodities Comment:Copper Survey

The year of 2015 kicked off with a free-fall in the copper price and adeterioration in the fundamentals for copper. The latest result from theJanuary issue of China Copper Survey tells a rather dim story about Chinesecopper demand in this off -season and indicates further weakness infundamentals into Chinese New Year. While the building of visible stockweighs on the copper market in the short term, we are gaining moreconfidence in a modest recovery in copper demand by 2Q15.