JUNE 10 TUESDAY

SHORT TERM TREND : SIDEWAYS TARGET RS 334 TO 345

LONG TERM TREND : BULLISH : TARGET RS 370


Copper fell in London on speculation reduced crude oil prices may signal


slower investor demand for industrial metals.

Copper rose on June 6, the only increase last week, after oil surged 8.4 percent. Oil today

fell as much as 2.5 percent. Hedge funds and other large speculators were ``net short,'' or

betting on lower New York copper futures, last week for the first time since February, U.S.

government data showed.


Copper for delivery in three months fell $74, or 0.9 percent, to $7,926 a metric ton as of 4:27

p.m. on the London Metal Exchange. New York copper futures fell 0.9 percent.


Copper stockpiles in warehouses monitored by the Shanghai Futures Exchange have declined 59


percent in a year, and China's central bank said last month's earthquake may accelerate

investment in buildings and roads. China's imports of copper concentrate, an intermediate

product, rose 23 percent in the first four months this year.


Inventories of copper in warehouses monitored by the LME dropped 1,400 tons, or 1.1 percent,

to 121,150 tons, the exchange said in its daily warehouse report. That's the lowest since May 15.

The Shanghai exchange was closed for a national holiday