OCT 1 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 298 , S2 RS 295

R1 RS 304.50 , R2 RS 307

STAY SHORT AT RESISTENCE.

Copper Heads for Worst Quarter Ever in N.Y. on Demand Outlook .

Copper tumbled to an 18-month low, heading for

its worst quarter on record, on concern that a

spreading financial crisis will stifle global growth

and slash metals demand.

Lawmakers in the U.S. House of Representatives yesterday

rejected a $700 billion financial rescue plan aimed at loosening

clogged credit markets. The vote eroded investor confidence

and borrowing costs jumped. Copper has plunged 26 percent

this quarter, the biggest drop since at least 1989, as bank

failures and a credit crunch crimped global growth, curbing

demand.

Copper futures for December delivery sank 3.8 cents, or 1.3

percent, to $2.8685 a pound at 11:55 a.m. on the Comex

division of the New York Mercantile Exchange. Earlier, the

metal touched $2.765, the lowest since March 12, 2007.

Copper has tumbled as the U.S. housing slump has deepened.

On the London Metal Exchange, copper for delivery in three

months dropped $70, or 1.1 percent, to $6,370 a metric ton

($2.89 a pound).