JUNE 24 TUESDAY

SHORT TERM TREND : BULLISH : TARGET RS 368

LONG TERM TREND : BULLISH : TARGET RS 370

S1 RS 358, S2 RS 355.40, S3 RS 352

R1 RS 363, R2 RS 365, R3 RS 368

PREFER LONGS AT RS 358 TO 357.50

STOP LOSS RS 355

TARGET RS 363

Copper slips on Chinese demand concerns, lower stocks,

dollar supports .

Copper reversed earlier gains on Monday, which

saw the red metal touch a five-week high, as

concerns over the strength of Chinese demand

weighed on sentiment in midday trade.

At 11:51 a.m., London Metal Exchange (LME) copper

for three-month delivery was at $8,395 a tonne, up from

$8,435 at the close on Friday. Earlier, the metal touched

an intraday peak of $8,490 a tonne, its highest level

since May 19.

Chinese copper imports have fallen by 22.3 percent

in the first five months of the year to 611,306 tonnes,

according to customs data released Monday.

However, prices have found good support from the

dollar's weakness on Monday and a further decline in

LME inventories, keeping concerns over tight global

supplies to the forefront.

Inventories of the red metal monitored by the LME

fell by 875 tonnes to 123,125 tonnes in today's report

from the exchange.