JULY 18 FRIDAY

SHORT TERM TREND : BEARISH: TARGET RS 338

LONG TERM TREND : BULLISH: TARGET RS 405

S1 RS 345, S2 RS 342, S3 RS 339

R1 RS 350.60, R2 RS 353, R3 RS 357

PREFER SHORTS AT RS 350 TO 350.50

STOP LOSS RS 353.60

TARGET RS 344

Economic optimism boost US copper to firmer close.

U.S. copper futures gained nearly 2 percent by the close

Thursday after a surprisingly big jump in U.S. June housing

starts and an overall positive tone on Wall Street gave a

hint of economic optimism.

* Copper for September delivery ended up 6.45 cents or 1.8

percent at $3.7150 a lb on the the New York Mercantile

Exchange's COMEX division.

* Copper up in technical rebound from Wednesday's slide

to one-month low at $3.6305 .

* Copper rallies further on data showing a 9.1 percent jump

in U.S. housing starts for the month of June, although the total

was pushed higher by a change to construction codes in

New York City.

* The copper market recorded a deficit of 159,000 tonnes in

the first five months compared to a deficit of 42,000 tonnes

for the January to April 2008 period .

* Chinese imports of refined copper and copper alloy fell

17 percent in June from May.

* London Metal Exchange (LME) warehouse stocks

jumped 2,200 tonnes to 127,900 tonnes on Thursday.

* COMEX copper stocks declined 160 short tons to

7,969 short tons on Wednesday. Inventories are

down nearly 28 percent from the start of the month.

* LME copper for delivery in three-months ended at

$8,160 a tonne, up $80 from Wednesday's close.