AUG 1 FRIDAY

SHORT TERM TREND : BULLISH : TARGET RS 348

LONG TERM TREND : BULLISH : TARGET RS 405

S1 RS 341, S2 RS 338, S3 RS 335

R1 RS 345, R2 RS 348, R3 RS 350.30

US copper ends up as dollar, supply fears support.

U.S. copper futures ended slightly higher on

Thursday as a weaker dollar and supply-side

concerns helped keep prices buoyed in the

face of a slower global economic environment.

Copper for September delivery closed up 1.55 cent at $3.6615 a

lb on the the New York Mercantile Exchange's COMEX division.

Dollar retreated from one-month highs against the euro on

Thursday, after a surprise jump in U.S. weekly jobless claims

and below-forecast economic growth in the second quarter

reduced prospects for Federal Reserve interest rate hikes

this year.

Gross Domestic Product grew at a 1.9 percent annual rate,

up from a revised 0.9 percent in the first quarter, which

previously was reported as 1 percent.

Chile state copper commission Cochilco on Thursday raised its

average copper price forecast for 2008 to $3.70 per pound

from $3.10 previously, citing a weak dollar and weaker

-than-expected output.

London Metal Exchange warehouse stocks jumped 4,450

tonnes to 142,400 tonnes on Thursday.

COMEX copper stocks were unchanged at 6,838

short tons on Wednesday.

LME copper for delivery in three-hit a

weekly high at $8,175 a tonne, before closing at $8,060 a

tonne, down from $8,030 on Wednesday.