LME INVENTORY DATA FOR SEPTEMBER 30 2008

Copper stocks are down 325 tonnes.

UPDATE FOR 29 SEPTEMBER

SHORT TERM TREND : BEARISH

LONG TERM TREND: BEARISH

S1 301, S2 RS 297

R1 RS 305 , R2 RS 308

Bank crisis, strong U.S. dollar knock down metals.

Industrial metals ran intoadditional liquidation in after-hours

trade on Monday after aproposed $700 billion financial rescue

package was rejected by U.S.lawmakers.

The House of Representatives rejected by a vote of 228-205 a

WallStreet bailout bill that would have authorized the Treasury

Department to spend up to $700 billion to purchase toxic

mortgage-backed bonds from banks in an effort to jump-

start stalledcapital markets.

Industrial metals were slammed following the decision.

Copper for delivery in three on the London Metal Exchange

closed down $335 at $6,440 per tonne. After-hours, the metal

fell as low as $6,349.50, its lowest level since mid-December 2007.

Turmoil in financial markets has weighed on metal prices for months.

Copper, used in construction, has fallen more than 25 percent from

a record high of $8,940 on July 2.

The dollar extended losses against the yen amid rising risk aversion

as foreign exchange investors expressed concerns about further

instability in the global banking system following bank bailouts in

Europe and the United States.

The U.S. Commerce Department said consumer spending was flat

inAugust, after barely edging up by a revised 0.1 percent in July,

amuch weaker outcome than forecast by Wall Street economists

surveyedby Reuters, who had expected a 0.2 percent spending rise.

MARKET UPDATE AT 9 PM ON SEPTEMBER 29

Mcx Nov Copper trading near crucial support Rs. 305

to Rs. 304.50. if prices sustain below these levels, prices may test

further support Rs. 302 and 297.

LME INVENTORY UPDATE FOR 29 SEPTEMBER

INVENTORY DOWN 1250 MT

SEPT 29 MONDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 313.80 , S2 RS 311.30

R1 RS 318.30 R2 RS 320

Uncertain market conditions resulting from a combination

of macri economic concerns and financial sector woes

are weighing heavily on the metal market , even as

fundamentals have been pushed aside.

A sustained pick up in buying will lead to price

performance.Until demand conditions stabilise

the base metal market will be volatile.

According to technical analyst , in the short

run copper is likely to be range bound.

The sideways trade could oscillate between the

resistence at $ 7200 and range low of $ 6625.

The risk of further dollar weakness means a

further coeerection is possible.

UPDATE FOR 26 SEPTEMBER

Copper down on demand worries, U.S. in focus.

Copper prices in New York and Londonslipped on Friday as

concerns about waning demand growth prompted investors

tolimit their holdings in the industrial metal, while awaiting

any new developments on a U.S. financial rescue plan.

Copper for delivery in three on the London Metal Exchange

(LME) ended down $155, or 2.2 percent, at $6,775 per tonne.

Earlier copper,used widely in power and construction,

touched a one-week low of $6,768.

Pressure mounted on U.S. lawmakers on Friday to agree on a

$700 billionfinancial rescue plan after talks at the White

House collapsed in acrimony andthe failure of Washington

Mutual, the biggest bank closure in U.S. history, roiled

global markets.

Markets shrugged off news of a strike in Canada.

LME copper stocks fell by 350 tonnes to 200,175, their

lowest level in morethan three weeks, suggesting a pick

up in demand.

Copper inventories in warehouses monitored by the Shanghai

Futures Exchange fell 6 percent in the week ended

Thursday to 16,130 tonnes.

MARKET UPDATE FOR 26 SEPTEMBER

UPDATE 7-Copper down on demand worries, U.S. in focus.

Markets await U.S. financial sector rescue * Long-term worries

about cost of U.S. bailout * Base metals range-bound in light

trading volumes.

Copper prices in New York and Londonslipped on Friday as concerns

about waning demand growth prompted investors tolimit their

holdings in the industrial metal, while awaiting any newdevelopments

on a U.S. financial rescue plan. Copper for delivery in three months

MCU3 on the London Metal Exchange.

Pressure mounted on U.S. lawmakers on Friday to agree on

a $700 billionfinancial rescue plan after talks at the White House

collapsed in acrimony andthe failure of Washington Mutual, the

biggest bank closure in U.S. history,roiled global markets.

To put the $700 billion into perspective, the current value of the world's

total country central .

(LME) ended down $155, or 2.2 percent, at $6,775 per tonne.

Earlier copper,

used widely in power and construction, touched a one-week low of

$6,768. In New York, copper for December delivery HGZ8 settled

down 6.00 cents,

or 1.9 percent, at $3.0745 a lb on the New York Mercantile Exchange's

COMEX division.

Market Alert on Sept 26 9.15 PM Indian Standard Time

MCX Nov Copper breached crucial support Rs 314.80

to Rs 315 levels.

If prices sustain below these levels may test

support Rs 311 and Rs 309.

SEPT 26 FRIDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 316, S2 RS 314.60

R1 RS 318.80 . R2 RS 321

WAIT FOR CONFIRMATION.

Copper steady, market nervous on U.S. bailout plan.

Copper prices in NewYork and London edged higher on

Thursday while aluminiumtouched an eight-month low,

as volatility ran high andinvestors were cautious and

waiting for details of the $700billion U.S. financial

rescue plan to emerge.

Trading in industrial metals continued to be choppy as

investors also kept an eye on the currency market,

where thedollar rebounded after losing ground

earlier in the day.

Copper for delivery in three months on the London MetalExchange

hit a one-week low of $6,835 per tonnebefore closing at $6,930,

from $6,905 on Wednesday.

In New York, copper for December delivery HGZ8 rose 2.80

cents to close at $3.1345 a lb on the New York Mercantile

Exchange's COMEX division.

Orders for U.S. manufactured goods plunged in August, and the

number of workers filing new claims for jobless benefits shot up,

according to government reports.

SEPT 25 THURSDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 314 , S2 RS 311

R1 RS 318.50 , R2 RS 323

WAIT FOR CONFIRMATION.

Copper slips on demand worries, uncertainty.

Copper prices fell in New York and London on Wednesday

amid fears of a prolonged demand slowdown and

uncertainty surroundingthe U.S. government's

proposed $700 billion bailout of financial markets.

Copper for delivery in three on the London Metal

Exchangeclosed down $75 a tonne at $6,905. the metal,

used widely in power andconstruction, slipped 4 percent

on Tuesday.

In New York, copper for December delivery shed 4.55

cents to settleat $3.1065 a lb on the New York Mercantile

Exchange's COMEX division, near thelower end of its

$3.0830 to $3.1815 session range.

The dollar slipped amid nervousness about the bailout's chances

for passage. In afternoon New York trading, the dollar was

down slightly against abasket of major currencies .DXY at

76.725, while the euro was up 0.1 percenton the day at

$1.4659.

Analysts said industrial metals also came under pressure from

news thatcorporate sentiment in Germany, Europe's largest

economy, deteriorated for thefourth month running, and

weakening data from other economies.

London copper is down about 20 percent from its record high

of $8,940 pertonne hit in April, as investors have dumped

positions amid lack of demand fromChina and global

financial turmoil.

Sentiment got a boost from another drawdown in copper

stocks which fellnearly 9,000 tonnes this week, mostly

as material left warehouses in Korea,likely bound for

China, suggesting a pick-up in demand in the world's

largestconsumer of the metal.

Copper has support at $ 6692 and resistence at $ 7100.

Market alert at sept 24 wednesday 8.45 PM

MCX Copper trading near support Rs 316 to 315.

If prices sustain below these lexels may test further

support Rs 311.

Market Alert on Sept 24 wednesday

LME Copper stocks are down 1025 tonnes.

SEPT 24 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 316 S2 RS 312

R1 RS 321.50 , R2 RS 325

STAY SHORT AT RESISTENCE.

Copper tumbles on worries over U.S. bailout.

Copper prices in New York andLondon ran into renewed

selling pressure on Tuesday as a firmerdollar and growing

worries on whether a planned $700-billionU.S. financial

bailout would jump-start a weakening economysparked a

bout of profit-taking.

Copper for delivery in three months MCU3 on the London

Metal Exchange closed at $6,980 per tonne, after hitting a

session low of $6,970 and slipping from Monday's high of

$7,333, its highest level since Sept. 4.

In New York, copper for December delivery HGZ8 closed down

10.30 cents, or nearly 3.2 percent, at $3.1520 a lb on the

New York Mercantile Exchange's COMEX division.

Commodity prices have come under pressure in the past few

weeks as investors, desperate for cash, sold off their positions

as the global financial turmoil deepened.

The dollar moved in erratic trade, hitting session highs versus the

yen and analysts said a possible turnaround in theU.S. currency

could further dampen prospects for metals.

London copper is down about 20 percent compared to its record

high of $8,940 per tonne hit in April, as lack of demand from

China, coupled with global financial market turmoil have

prompted investors to dump their positions.

Some analysts have said a nearly 8,000-tonne fall in LME

copper inventories, primarily from the Gwangyang and Busan

warehouses in Korea, could suggest demand from China, the

world's largest importer and consumer of copper, was

starting to pick up.

MARKET ALERT AT 10 PM ON SEPTEMBER 23

Mcx Copper tested intraday support of Rs. 316.50

if prices sustain below these levels , may test support

of Rs. 312.

SEPT 23 TUESDAY

SHORT TERM TREND : BULLISH

LONG TERM TREND : BEARISH

S1 RS 324 , S2 RS 321

R1 RS 328 , R2 RS 332

BUY AT RS 324.20 TO 324

STOP LOSS RS 321

TARGET RS 328

Copper rallies on soft dollar, stock drawdown.

Copper rallied to its loftiest level inmore than two

weeks on Monday as the dollar slumped against the

euro andinventories fell in Asian warehouses,

suggesting a pick-up of demand in topconsumer

China.

Copper for delivery in three months on the London

Metal Exchange closed up 2.7 percent or $190 at $7,250

per tonne. On Thursday, it hit a nine-month low of $6,625.

In New York, copper for December delivery HGZ8 closed up 7.85

cents,or nearly 2.5 percent, at $3.2550 a lb on the New York

MercantileExchange's COMEX division.

The dollar slipped as investors awaited details of a planned

$700billion U.S. bailout of bad mortgage debt, likely the biggest

bailout inAmerican history, capping a dramatic week in the

U.S. financial markets.

Analysts said a 3,100-tonne fall in LME copper inventories, primarily

from the Gwangyang and Busan warehouses in Korea, suggested

demand fromChina, the world's largest importer and consumer

of copper, was starting topick up.

The global copper market balance remained in deficit by 130,000

tonnes between January and June this year, versus a deficit of

264,000 tonnes inthe corresponding year-ago period, the

International Copper Study Group(ICSG) said in its latest

monthly bulletin.

SEPT 22 MONDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BULLISH

S1 RS 315 , S2 RS 310

R1 RS 321 , R2 RS 326

WAIT FOR CONFIRMATION.

Copper managed to gain 4.6 % to $ 7085 / tonne

despite increase in LME and Shanghai inventories.

Demand concerns continue to haunt the market.

Slow down in major economies is pressuring

prices.

Technical support deatils

Support : $ 6692 Resistence : $ 7100

Copper is now at $ 6880 but it did sink to a

low of $ 6720 earlier.

Analyst feel the support band is from $ 6620 to $ 6720,

with prices bouncing back every time we get there.

The revival of US Equiities could do some good for

copper .The negatives are the stronger dollar, rising

inventories at the LME and Shanghai.

SEPT 20 SATURDAY

Copper rebounds from 9 month low.

Copper bounced back from near 9 month low on Friday

but analyst expected a stronger dollar against the Euro,

weak demand prospects and a large rise in inventories to

keep a lid on prices.

Three month copper on the London Metal Exchange

was trading at $ 6845 a tonne at 1015 GMT from $ 6749

at the close on Thursday when it fell to a nine month low

of $ 6625.

China consumes about about 25 % of global copper

production , while the US is estimated to consume

about 15 % .

SEPT 19 FRIDAY


SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 313 , S2 RS 308

R1 RS 318 , R2 RS 323

WAIT FOR CONFIRMATION.

Copper, Aluminum Rise in London as Dollar, Oil Buoy Commodities .

Copper and aluminum rose for the first time in four days

in London, leading gains in most industrial metals, as

a weaker dollar buoyed investor demand for commodities.

Equity markets also advanced after the world's largest central

banks said they will pump $180 billion into the financial system.

That soothed investor concern that global economic growth

will slow more than expected and sap demand for raw

materials. The dollar index, a weighted measure against

six major currencies, fell for a second day.

Copper for delivery in three months gained $200, or 3 percent,

to $6,950 a ton on the London Metal Exchange as of

12:03 p.m. local time. The metal has declined 5.2 percent

in the previous three days. Aluminum advanced $35, or

1.4 percent, to $2,535 a ton.

Copper also rose as inventories earmarked for withdrawal from

warehouses registered with the LME rose 9.4 percent to 20,975

tons, the most since April. Copper stockpiles stand at 204,150

tons, the exchange said today.

U.S. housing starts fell 6.2 percent in August to an annual rate of

895,000 from July, the fewest since January 1991, the Commerce

Department said yesterday. Builders are the biggest users of

copper in the U.S.

Market news

Shanghai copper stock piles down 5558 tonnes.

SEPT 18 THURSDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 313 , S2 RS 311.50

R1 RS 318 , R2 RS 321

WAIT FOR CONFIRMATION.

Copper languishes on fears over Chinese demand.

Copper hovered close to an eight month low on

Wednesday , shrugging off a US bail out of

troubled insurer American International Group

(AIG) as investors fretted about demand from top

consumer China.

London Mrtal Exchange copper lost 0.7 5 OR $ 45

to $ 6825 a tonne at 1001 GMT , extending Tuesdays

near one month slide.

Earlier in the session commodity prices including

metals , rose with crude oil up more than 3 % recovering

from Tuesdays 7 month low.

The Fed held intrest rate steady at 2 % opting for

the time being to soothe rattled financial markets with

Central Bank lending facilities rather than rate cuts.

On Tuesday coppers top consumer China cut its

intrest rates unexpectedly , the first since February

2002 and the Central Bank also reduced the reserve

ratio.

In Shanghai copper prices dropped to the lowest this

year .

MARKET UPDATE

Copper rebound from a aten monthe low

in Shangai as tight domestic supplies supported

prices in China.

TECHNICAL LEVELS FOR SEPTEMBER 17

COPPER MCX NOVEMBER

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

SUPPORTS : S1 - RS.315, S2 - RS.311.50

RESISTANCES : R1 - RS.321, R2 - RS.324

WAIT FOR CONFIRMATION

MARKET UPDATE AT 6 PM , SEPTEMBER 16

Copper hit an eight-month low onTuesday as investors worried

global financial turmoil would cutdemand, while aluminium fell

on a big jump in LME stocks.

Copper for delivery in three months MCU3 on the LondonMetal Exchange

was down at $6,795 a tonne at mid-session versus$6,930 at the close on

Monday, when it shed 2.7 percent. It hit a fresh eight-month low in early

trade at $6,720 --
the lowest since January 22.

SEPT 16 TUESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 315 , S2 RS 313

R1 RS 321 , R2 RS 324

WAIT FOR CONFIRMATION.

Copper declined for a second day in Asia after U.S. stocks

tumbled and as concern grows that credit- market losses

may escalate, adding to worries about slowing global

economic growth.

Copper for delivery in three months declined 1.2 percent

to $6,850 a metric ton on the London Metal Exchange

at 10:39 a.m. Singapore time, extending yesterday's

2.7 percent drop.

Copper for December delivery on the Shanghai Futures Exchange

slipped as much as 4.1 percent to 53,430 yuan a ton, the lowest

for a most-active contract since November 2007. The contract

traded at 53,680 yuan at 10:40 a.m. Singapore time.

China's central bank yesterday reduced the one-year lending

rate for the first time in six years, and lowered the proportion

of deposits that the nation's smaller banks must set aside.

UPDATE AT 9 PM, SEPTEMBER 15


U.S. copper futures tumble 3 percent Monday as investors

fret about the health of the global economy amid turmoil in

major U.S. banking and financial institutions.

Copper for December delivery HGZ8 down 9.20 cents, or

2.9 percent, at $3.1020 a lb on the New York Mercantile Exchange's

COMEX division at 10:35 a.m. EDT (1435 GMT).


* December ranged from $3.0570 to $3.2225 a lb.


* Spot September HGU8 traded down 8.65 cents, or 2.7 percent,

at $3.1225 a lb.
* Copper fell along with other base metals due to concerns about

the global economic strength after U.S. investment bank Lehman

Brothers filed for bankruptcy protection - metals trader.


* Copper, a barometer of the strength of the global economy,

sold off as U.S. stocks fell 2 percent amid financial turmoil.


* Trading momentum in the red metal also weakened after

data showed U.S. industrial output posted its biggest slide in

three years last month and September might not be much better.

Copper for December delivery HGZ8 down 9.20 cents, or 2.9 percent,

at $3.1020 a lb on the New York Mercantile Exchange's COMEX division at 10:35 a.m.

* December ranged from $3.0570 to $3.2225 a lb.


* Spot September HGU8 traded down 8.65 cents, or 2.7 percent,

at $3.1225 a lb.


* Copper fell along with other base metals due to concerns about

the global economic strength after U.S. investment bank Lehman

Brothers filed for bankruptcy protection - metals trader.


* Copper, a barometer of the strength of the global economy,

sold off as U.S. stocks fell 2 percent amid financial turmoil.

* Trading momentum in the red metal also weakened after data

showed U.S. industrial output posted its biggest slide in three years

last month and September might not be much better.

MARKET UPDATE 15 SEPTEMBER, 6 PM

Industrial metals prices sank on Monday as investors dumped

positions to seek refuge in safer assets after Lehman Brothers filed

for bankruptcy.The US financial system faced an unprecedented

shake-up as Bank of America announced it would buy Merrill Lynch,

AIG was reported to be seeking help from the Federal Reserve, and

the Fed said for the first time it would accept stocks in exchange for

cash loans.European equity markets were sold-off heavily while US

stock futures tumbled and the dollar was hammered.But the weaker

dollar failed to offer support for metals, with copper slipping as much

as 2 percent and nickel dropping more than 3 percent.Copper for

three-months delivery on the London Metal Exchange was at

$6 975/6 995 per tonne by 09:28 GMT, down from Friday's close

of $7 122 per tonne."It's going to be unpredictable, erratic and choppy,"

said analyst Robin Bhar at Calyon. "(It is) a shock to have two banks

literally disappear.""People are wondering what kind of implications

this will have for financial markets ... The uncertainty will linger, and

while that's happening, people will back away from doing too much," he

said.Metals markets were already under pressure after copper and

aluminium touched record highs earlier this year.Lack demand from

China, rising inventories and worries over the health of the global

economy have all helped depress metals.

TECHNICAL LEVELS FOR 15 SEPTEMBER

COPPER MCX NOVEMBER

SHORTTERM TREND : BULLISH

LONG TERM TREND : BEARISH

SUPPORTS : S1 - RS.300.6,, S 2 - RS.317

RESISTANCES : R1 - RS.325 , R2 - RS.328

STAY LONG.

UPDATE

U.S. copper futures rose in early business on Friday as the

dollar fell following a negative U.S. retail sales result and a decline

in the producer price index, traders said.

Copper for December delivery HGZ8 was up 5.00 cents at $3.1725

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


* The range extended up to a week high of $3.20 from a low of

$3.1215 an ounce.
* Spot September HGU8 gained 5.15 cents to $3.1860 a lb.

* Copper added to early gains after the dollar declined following

a drop in U.S. August retail sales and a drop in the producer price index - traders.


* U.S. retail sales fell 0.3 percent in August, the biggest drop since

December 2007, and follows a downwardly revised July decline of

0.5 percent. Analysts' consensus forecasts came to a rise of 0.2 percent

for August. Excluding autos, sales dropped 0.7 percent.

The U.S. August producer price index dropped 0.9 percent more

than forecasts for a 0.5 percent decline. In July, the PPI jumped 1.2 percent.

MARKET UPDATE FOR 12 SEPTEMBER

Copper prices rose to one weeks highs on Friday

as hopes of stronger demand from top consumer

China revived optimism, but analysts expect global

ecocnomic weakness to cap the rally.

Copper for delivery in three months on the LME

jumped 2.6% to $7110 per tonne, the highest since

September 5, and was trading at $ 7080 a tonne at

1022 GMT from $6930 at close on Thursday.

The metl used widely in the power and construction

industries is down about 20 % since early July when

it touched a record high of $ 8940 a tonne., after which

doubts about the strength of the Chinese demand gathered

momemtum.

Copper stocks at above 203,000 tonnes , at their highest

since March last , have also been a negative for the market.

Meanwhile Freeport McMoRan Copper and Gold Inc, the

world's second largest copper producer, said supply

globally may be constrained because of lack of new

discoveries, and declining output at aeging mines.

It appears that slowing copper demand from the US

residential and automobile sectors is spreading to

commercial construction. and at the same time the

European ecomonies are also slowing.

Those factors will not curb copper demand in China

, the the biggest consumer where more people are moving into

cities, creating the need for wire and piping in new houses. It looks

like the Chinese government has sufficient funds to continue

building the infrastructure it needs to support internal migration.

Chinese foriegn exchamge reserves have swelled to a record

$1.8 Trillion as money floods in from exports , foreign direct

investment and investors abroad speculating on continued gains

by the yuan.

SEPT 12 FRIDAY
COPPER MCX NOVEMBER

SHORT TERM TREND - BULLISH

LONG TERM TREND - BEARISH

SUPPORT 1- 313

SUPPORT 2 - 310

RESISTANCE 1 - 318.6

RESISTANCE 2 - 322

US copper ends higher as support emerges near $3 a lb.

U.S. copper futures closed higher on Thursday, bucking a

generally weaker tone across the broader commodity arena,

as buyers stepped up their purchases as prices neared

$3.00 a lb, brokers said.

Copper for December delivery settled up 0.85 cent at $3.1225 a

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

Copper up in modest technical short-covering boost after

the benchmark December contract's failure to break down

below Wednesday's session low at $3.04 - brokers.

Copper's positive settlement bucks broader weakness in

commodities, as the short commodity/long dollar trade

continued to weigh on the complex.

The dollar scaled a fresh one-year high versus the euro and

a basket of currencies on Thursday, boosted by U.S. investors

repatriating overseas investments amid escalating worries

about global growth.

London Metal Exchange inventories rose 275 tonnes to 204,125

tonnes on Thursday, their highest level since March 2007.

COMEX copper stocks were unchanged at 5,390 short tons

on Wednesday.

London Metal Exchange copper for three-months settled up $90 at

$6,930 a tonne from Wednesday's kerb close.

COPPER MARKET UPDATE FOR 10 SEPT

U.S. copper futures ended up for the first time in five sessions

Wednesday after a reduced production outlook from a top producer

and an earthquake in northern Chile reignited some fears of a supply

short-fall.

Copper for December delivery HGZ8 settled up 2.70 cents at $3.1140

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

* The session range widened to $3.1440 to $3.04, the contract's

lowest level since Jan. 23.

* Spot September HGU8 gained 2.85 cents to close at $3.1235.

* COMEX estimated final futures volumes at 19,210 lots, compared

with Tuesday's official count at 16,003 lots.

Open interest edged up 31 lots to 76,798 contracts open as of Sept. 9.

Copper up in a late short-covering rally on news of a powerful 5.8

magnitude earthquake in northern Chile, home to the country's large


copper mining areas.

SEPT 10 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 306 , S2 RS 303

R1 RS 311.30 , R2 RS 314.50

WAIT FOR CONFIRMATION.

US copper futures hit 7-1/2-mth low, market eyes $3.

U.S. copper futures closed with modest losses Tuesday after

hitting their lowest levels in more than seven months as

further dollar-induced liquidation pinned the market down

near the bottom of its yearly range, analysts said.

Copper for December shed 0.60 cent by the

close to $3.0870 a lb on the New York Mercantile Exchange's

COMEX division.

The dollar fell on Tuesday, reversing earlier strength against

the euro, on the back of jitters in the financial sector and on

economic data revealing further deterioration in the U.S.

housing sector.

In afternoon trading in New York, the euro was last up 0.35 percent

at $1.4175 backing away from an 11-month low touched overnight.

Pending sales of existing U.S. homes fell more sharply than

expected in July, partially erasing gains from the previous

month, data from a real estate trade group showed on Tuesday.

COMEX copper stocks were flat at 5,390 short tons on Monday.

In China, as much as 70,000 tonnes of copper supplies stockpiled

in bonded warehouses around Shanghai could spill into the

physical market within weeks there

London Metal Exchange copper for three-months delivery fell

as low as $6,778 a tonne, its lowest level since Jan. 22, before

ending the day at $6,815, down $135 from Monday's closing

level.

SEPT 9 TUESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 306 , S2 RS 303

R1 RS 311.30 , R2 RS 314.50

STAY SHORT.

U.S. copper futures ended Monday with slight losses, weighed

down by the dollar, which rallied on the back of a government

plan to bail out two struggling mortgage finance giants.

Copper for December ended down 0.55 cent at $3.0930 a lb

on the New York Mercantile Exchange's COMEX division.

The U.S. government seized control of mortgage financial giants

Freddie Mac and Fannie on Sunday in an effort to

calm the economy hit by over a year long credit and

housing crisis.

Copper's immediate reaction to the bail out was positive, fueling

a short-covering rally from last week's sharp slide lower.

Copper relinquished its morning gains as the dollar continued

to strengthen, lessening the appeal of commodities denominated

in the American currency.

On Friday, copper stocks jumped 18,775 tonnes in the biggest

one-day build since August 2004.

China's imports of unwrought copper and semi-finished copper

products are expected to rise for the second consecutive month

in August, boosted by lower domestic stocks and firmer

Chinese prices.

Copper for three-months delivery on the London Metal Exchange

closed up $50 at $6,950 a tonne from Friday.

SEPT 5 FRIDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 319 , S2 RS 316

R1 RS 323 , R2 RS 326

SELL AT 323 TO 323.50

STOP LOSS RS 326

TARGET RS 319

Bargain hunters lift copper,Dollar supports.



Copper limbed more than 1 % to its highest level in



almost a week on Thursday , as bargain hunters



lifted the metal as the dollar trimmed its gains



against the Euro.



Copper for three month delivery on the



London Metal Exchange rose as high as



$ 7440 a tonne and was $ 7409/7419 per



tonne versus wednesdays close of $ 7345.



The recent rise in copper inventories



are a sign of sluggish demand.



Currently stocks of copper , mainly used in



construction , stand around 182,000 tonnes



its highest since January.

SEPT 4 THURSDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 321.40 , S2 RS 318

R1 RS 327.50 , R2 RS 330

WAIT FOR CONFIRMATION.

MCX NOV COPPER IS EXPECTED TO TRADE IN THE

RANGE OF RS 321.60 TO 320.

Copper Rises on Speculation August Price Slump

Will Spur Demand .

Copper rose the most in almost two weeks on

speculation that a recent price slump will attract

buyers anticipating demand from emerging

economies.

The metal also climbed after U.S. factory orders

increased in July more than forecast. The 1.3

percent rise in bookings followed a revised 2.1

percent increase in June, the Commerce

Department said. Economists had forecast

a gain of 1 percent, the median estimate of

63 surveyed by Bloomberg News.

On the London Metal Exchange, copper for delivery in

three months rose $90, or 1.2 percent, to $7,350 a metric

ton ($3.33 a pound). Before today, the price gained

8.8 percent this year.