Friday, September 5, 2008
UPDATES ON SEPT 5 2008
SEPT 5 FRIDAY
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.
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
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.
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