JUNE 26 THURSDAY

SHORT TERM TREND : SIDEWAYS : TARGET RS 352 TO 358

LONG TERM TREND : BULLISH : TARGET RS 370

S1 RS 352, S2 RS 350, S3 RS 348

R1 RS 356, R2 RS 358, R3 RS 360

MARKET IS EXPECTED TO MOVE SIDEWAYS


US copper tracks crude to lower close, eyes on Fed.


U.S. copper futures tracked the losses in the

crude oil market to a lower close on Wednesday,

while investors geared up for the Federal Reserve's

policy statement on the economy and interest rates.

Copper for July delivery HGN8 settled down 1.10 cents

at $3.7770 a lb on the the New York Mercantile

Exchange's COMEX division.

The session range was from $3.7345 to $3.8195.

Initial resistance in the July contract pegged at the May

16-19 double-top formation at around $3.86, while the

first level of support was seen at $3.75.

Most-active September copper HGU8 lost 1.35 cents

by the close to $3.7730.

Copper fell in line with crude oil, which dropped more

than $3 after U.S. weekly data showed crude inventories

in the United States build as high fuel prices continued

to erode demand.

In afternoon trade in New York, the dollar held

steady against the euro as investors

squared positions before the end of the Fed meeting.

The Fed is expected to leave interest rates unchanged

at 2 percent.

Copper has muted response to economic data that

showed new orders for long-lasting U.S. manufactured

goods hold steady in May, and new U.S. home sales fall

2.5 percent in May to an annual rate of 512,000 units.

Near-term demand uncertainties in China, the world's

largest copper consumer, seen keeping the market's

upside held in check.

London Metal Exchange copper warehouse stocks

fell 525 tonnes to 122,625 tonnes on Wednesday.

LME copper for three-months delivery MCU3 ended

down $100 at $8,300 a tonne from Tuesday's close.