JULY 8 TUESDAY

SHORT TERM TREND : BEARISH: TARGET RS 362

LONG TERM TREND : BULLISH: TARGET RS 405

S1 RS 364, S2 RS 362, S3 RS 359

R1 RS 369, R2 RS 372, R3 RS 375

PREFER SHORTS AT RS 368.60 TO 369

STOP LOSS RS 372

TARGET RS 362

US copper futures track oil, gold to weaker finish.

U.S. copper futures ended lower on Monday, extending

a pull-back from last week's surge above $4 a lb, as

profit-taking losses in the energy and precious metals

sectors dragged the red metal down in their wakes,

traders said.

* The session range ran from $3.8030 to $3.9520.

* Technicians peg near-term support in the September

contract at $3.80, with first resistance at $3.90, then

$4.00.

* Last week, the contract peaked at $4.08, its highest

level since the May 5 record at $4.22.

* A retreat in the price of crude oil seen influencing the

broader correction in metals complex .

* Copper runs into additional downside pressure from

receding supply threats in Peru, the world's No. 2

copper producer.

* Peru's largest federation of mining workers decided

on Sunday to end its nationwide strike after nearly one week.

* Copper's upside price potential challenged by slower

seasonal demand factors, highlighted by a sluggish

Chinese presence.

* China is expected to have shipped in 4 percent less

refined copper in June than the previous month, as high world

prices, weak demand and strong domestic copper production

continue to cut the need for imports.

* London Metal Exchange copper warehouse stocks fell by

500 tonnes to 122,075 tonnes on Monday.

* COMEX copper stocks were off 45 short tons at 10,254

short tons on Thursday.

* LME copper for delivery in three-months settled $58 lower

at $8,412 a tonne -- down 6 percent from last Wednesday's

record peak at $8,940.