AUG 7 THURSDAY

SHORT TERM TREND : BEARISH : TARGET RS 313

LONG TERM TREND : BULLISH: TARGET RS 405

S1 RS 316.30, S2 RS 313, S3 RS 308

R1 RS 321.30, R2 RS 324, R3 RS 327.60

PREFER SHORT AT RS 320.70 TO 321

STOP LOSS RS 324

TARGET RS 316.30

US copper trims gains by close, outlook fragile.

U.S. copper futures trimmed their gains by the close

on Wednesday as a weaker tone in the energy markets

and dim global demand prospects left the industrial

metal stalled in a fragile state.

Copper for September delivery ended up 0.65 cent at

$3.4235 a lb on the the New York Mercantile

Exchange's COMEX division.

Copper consolidated from a recent technical sell-off that saw the

September contract lose more than 17 percent of its value in

a span of four weeks - trader.

Copper loses its early technical momentum as traders take their

cues from weaker crude oil futures, which fell more than $2 at

one point to a new three-month low at $117.11 a barrel after

government data showed inventories rose much more than

expected last week.

* Copper remains under pressure from a softer global demand

outlook for industrial metals due to waning consumption from

Chinese buyers ahead of the Beijing Olympic Games and

sharp upticks in London inventory levels.

London Metal Exchange (LME) warehouse stocks added another

1,575 tonnes on Wednesday to 150,325 tonnes, their highest

level since February 14.

COMEX copper stocks fell by 200 short tons to 6,100

short tons on Tuesday.

LME copper for delivery in three-months settled at $7,615 a tonne

from $7,620/7,625 on Tuesday, when the metal hit

a six-month low at $7,530.