JUNE 11 WEDNESDAY


SHORT TERM TREND : BEARISH : TARGET RS 332

LONG TERM TREND : BULLISH TARGET RS 370


S1 RS 334.60, S2 RS 332, S3 RS 328

R1 RS 338, R2 RS 341, R3 RS 343

PREFER SHORTS AT RS 338 TO 338.50

STOP LOSS RS 341

TARGET RS 342

Copper Declines in London on Expectations

Demand Will Weaken .
Copper fell for a second consecutive day, leading

a decline in most contracts traded on the London

Metal Exchange, on expectations that slower

economic growth will curb demand for metals.

Copper for delivery in three months fell $110, or

1.4 percent, to $7,870 a metric ton as of 4:59 p.m.

on the LME. The contract is trading below the record

$8,880 a ton reached April 17. New York copper

futures fell 1.6 percent.

China's copper imports in the first four months fell 23

percent from a year earlier, according to customs data.

Copper also declined as the dollar advanced against

currencies such as the euro. A stronger U.S. currency

makes dollar-denominated commodities more

expensive for those holding other monies.


Copper inventories monitored by the LME declined for

a third day, dropping 0.5 percent to 120,550 tons.

Inventories jumped 13 percent last month, the biggest

gain since November. Copper stockpiles monitored by

exchanges in London, New York and Shanghai have

declined 28 percent this year.


Three-month copper will average $8,200 a ton this

year in London, London-based researcher CRU said today.

It averaged $7,103 last year.