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.