JUNE 28 SATURDAY

SHORT TERM TREND : BULLISH : TARGET : RS 363

LONG TERM TREND : BULLISH : TARGET RS 370

S1 RS 356, S2 RS 354, S3 RS 352

R1 RS 360, R2 RS 362.50, R3 RS 365

US copper hits 2-mth high on tight supply signals.

The price of copper rose to a two-month high above

$3.88 a lb in New York futures trade on Friday as a

weaker dollar, falling warehouse stocks, and possible

issues in Peru helped provide the underpinnings for

the stronger price action.

The session range was from $3.8070 to $3.8850,

the highest level the contract has seen since its

May 5 peak at $4.22.

Extended losses in the U.S. dollar following

Wednesday's neutral Federal Reserve policy

statement gives broader commodity complex

a boost.

The possibility of a Peruvian miners' strike on

Monday could lend further support

- MF Global analyst Edward Meir.

Further declines in weekly copper inventories

monitored by the Shanghai Futures Exchange

helped set the stronger tone for the day


Copper inventories in Shanghai fell 3 percent

to 32,401 tonnes in the week ended Thursday,

compared with 33,417 tonnes the previous week.

London Metal Exchange (LME) copper

warehouse stocks fell by 150 tonnes to 122,900

tonnes on Friday -- down nearly 40 percent

since the start of the year.

LME copper for three-months delivery MCU3 ended

the day quoted at $8,530/$8,535 a tonne, after touching

$8,559, its highest level since May 1.