JUNE 25 WEDNESDAY

SHORT TERM TREND : BULLISH : TARGET RS 363

LONG TERM TREND : BULLISH : TARGET RS 370

S1 RS 356, S2 RS 353, S3 RS 349

R1 RS 363, R2 RS 365, R3 RS 368

PREFER LONGS AT RS 356 TO 356.20

STOP LOSS RS 353

TARGET RS 360

Early US copper drifts in thin range ahead of Fed.

U.S. copper futures drifted to a lower open on

Tuesday as the market awaited direction from

U.S. Federal Reserve commentary about U.S.

inflationary pressures.

Copper for July delivery HGN8 was trading down

1.70 cents at $3.7925 a lb by 10:12 a.m. EDT

(1412 GMT) on the New York Mercantile

Exchange's COMEX division.

Traders continue to eye first resistance in the July

contract at the May 16-19 double-top formation at

around the $3.86 level.

Copper expected to trade in a quiet range leading

up to the U.S. Federal Reserve meeting on Wednesday

- analysts.

The Fed is expected to keep rates steady at 2 percent

on Wednesday when it concludes a two-day meeting,

but the market's attention will focus on the Fed's

post-meeting statement.

Stronger language could send the dollar higher

once again, creating more downward pressure on

metals. Language about flagging growth could, in

turn, open the door to further rate decreases, pressure

the dollar, and send most commodities higher.

Demand uncertainties from China, the world's

largest copper consumer, continue to cloud the

red metal's upside price potential.

China's refined copper imports fell 26.4 percent

on the month and 19 percent on year in May on

the back of strong international prices.

London Metal Exchange copper warehouse stocks

edged up 25 tonnes to 123,150 tonnes on Tuesday.

COMEX copper stocks were unchanged at 11,040

short tons on Monday.

LME copper for three-months delivery MCU3 last

traded at $8,367.50 a tonne, down $32.50 from

Monday's close.