JULY 31 THURSDAY

SHORT TERM TREND : SIDEWAYS : TARGET RS 338 TO 347

LONG TERM TREND : BULLISH : TARGET RS 405

S1 RS 340, S2 RS 338, S3 RS 335

R1 RS 344.60, R2 RS 347, R3 RS 350.30

PREFER LONGS AT RS 339 LEVELS

STOP LOSS RS 335

TARGET RS 350

Copper Rises on Concern Mexican Output Won't Rebound .

Copper jumped on renewed concern that supplies from

Mexico won't recover anytime .

Copper futures for September delivery gained 5.55 cents,

or 1.6 percent, to $3.646 a pound on the Comex division

of the New York Mercantile Exchange.

Copper has jumped 20 percent this year as labor unrest,

deteriorating ore quality and other supply disruptions

reduced mine output.

Europeans' confidence in the economic outlook dropped the

most since the Sept. 11 terrorist attacks. U.S. mortgage

applications slumped to the lowest level since December

2000, dimming prospects for homebuilders, the biggest

users of copper. Before today, the metal fell 16 percent

from a record $4.2605 in May.

Crude oil gained as much as 4.3 percent today. The price has

surged 65 percent in the past 12 months.

On the London Metal Exchange, copper for delivery in three

months rose $99, or 1.3 percent, to $8,030 a metric ton

($3.64 a pound). The price reached a record $8,940

a ton on July 2.