Friday, October 31, 2008
UPDATES ON OCT 31 2008
OCT 31 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 205 , S2 RS 201
R1 RS 210 , R2 RS 213
STAY SHORT AT RESISTENCE.
Copper falls 10 pct on higher stocks, demand fears.
- Copper lost more than 10percent of its value on Thursday
as rising London Metal Exchangestocks rekindled concerns
about demand and put the brakes on thisweek's short-
covering rally in industrial metals.
The bearish market sentiment grew after data showed the
U.S.economy shrank to a 0.3 percent annual rate in the
third quarter,its sharpest contraction in seven years.
London copper for three-month's delivery fell 10.2percent
to an intraday low of $4,180 a tonne after LME stocks
jumped6,575 tonnes to 223,875 tonnes -- a reminder
of the metal's weakened state of demand.
The metal -- seen as a key gauge of real economic activity --
closed at $4,210, down from $4,655 at the close on
Wednesday, whenit surged 12.6 percent.
In New York, copper for December delivery tumbled
19.75cents, or 9.5 percent, to settle at $1.8905 a lb on
the New YorkMercantile Exchange's COMEX division.
Prices have risen more than 33 percent this week as
investorscovered short positions, but for the month
prices are still downnearly 44 percent, which at the
end of the month could be thebiggest fall in at least
three decades.
On Monday, copper prices dipped to $3,590 a tonne,
their weakestlevel in more than three years.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 205 , S2 RS 201
R1 RS 210 , R2 RS 213
STAY SHORT AT RESISTENCE.
Copper falls 10 pct on higher stocks, demand fears.
- Copper lost more than 10percent of its value on Thursday
as rising London Metal Exchangestocks rekindled concerns
about demand and put the brakes on thisweek's short-
covering rally in industrial metals.
The bearish market sentiment grew after data showed the
U.S.economy shrank to a 0.3 percent annual rate in the
third quarter,its sharpest contraction in seven years.
London copper for three-month's delivery fell 10.2percent
to an intraday low of $4,180 a tonne after LME stocks
jumped6,575 tonnes to 223,875 tonnes -- a reminder
of the metal's weakened state of demand.
The metal -- seen as a key gauge of real economic activity --
closed at $4,210, down from $4,655 at the close on
Wednesday, whenit surged 12.6 percent.
In New York, copper for December delivery tumbled
19.75cents, or 9.5 percent, to settle at $1.8905 a lb on
the New YorkMercantile Exchange's COMEX division.
Prices have risen more than 33 percent this week as
investorscovered short positions, but for the month
prices are still downnearly 44 percent, which at the
end of the month could be thebiggest fall in at least
three decades.
On Monday, copper prices dipped to $3,590 a tonne,
their weakestlevel in more than three years.
UPDATE
UPDATE FOR OCTOBER 30
Copper lost more than 10percent of its value on Thursday
as rising London Metal Exchangestocks rekindled concerns
about demand and put the brakes on thisweek's short-covering
rally in industrial metals. The bearish market sentiment grew
after data showed the U.S.
economy shrank to a 0.3 percent annual rate in the
third quarter, its sharpest contraction in seven years.
London copper for three-month's delivery fell 10.2percent
to an intraday low of $4,180 a tonne after LME stocks
jumped6,575 tonnes to 223,875 tonnes -- a reminder of
the metal's weakenedstate of demand.
The metal -- seen as a key gauge of real economic activity
--closed at $4,210, down from $4,655 at the close on
Wednesday, whenit surged 12.6 percent. In New York, copper
for December delivery tumbled 19.75 cents, or 9.5 percent,
to settle at $1.8905 a lb on the New York Mercantile
Exchange's COMEX division.
The U.S. dollar hit session highs against the euro, after
trading lower for most of the global session, as investors
boughtback the greenback to rebalance portfolios for
month-end purposes.
Copper lost more than 10percent of its value on Thursday
as rising London Metal Exchangestocks rekindled concerns
about demand and put the brakes on thisweek's short-covering
rally in industrial metals. The bearish market sentiment grew
after data showed the U.S.
economy shrank to a 0.3 percent annual rate in the
third quarter, its sharpest contraction in seven years.
London copper for three-month's delivery fell 10.2percent
to an intraday low of $4,180 a tonne after LME stocks
jumped6,575 tonnes to 223,875 tonnes -- a reminder of
the metal's weakenedstate of demand.
The metal -- seen as a key gauge of real economic activity
--closed at $4,210, down from $4,655 at the close on
Wednesday, whenit surged 12.6 percent. In New York, copper
for December delivery tumbled 19.75 cents, or 9.5 percent,
to settle at $1.8905 a lb on the New York Mercantile
Exchange's COMEX division.
The U.S. dollar hit session highs against the euro, after
trading lower for most of the global session, as investors
boughtback the greenback to rebalance portfolios for
month-end purposes.
Wednesday, October 29, 2008
UPDATES ON OCT 29 2008
OCT 29 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 208 , S2 RS 202
R1 RS 216 , R2 RS 221
Copper Prices Gain for Second Day in New York as
Equities Rally .
Copper prices rose for a second day as a rally in equity
markets lessened concern about the severity of a
possible global economic slowdown following the
worst financial crisis since the Great Depression.
Copper futures for December delivery rose 3 cents, or
1.7 percent, to $1.835 a pound at 12:21 p.m. on the Comex
division of the New York Mercantile Exchange. The metal
rose 7 percent yesterday.
Copper also gained on concern recent price declines will spur
miners to reduce supplies. Before today, copper tumbled
37 percent in October, heading for its worst month since
trading began in New York in 1988.
On the London Metal Exchange, copper for delivery in three
months rose $50, or 1.2 percent, to $4,070 a metric ton
($1.85 a pound).
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 208 , S2 RS 202
R1 RS 216 , R2 RS 221
Copper Prices Gain for Second Day in New York as
Equities Rally .
Copper prices rose for a second day as a rally in equity
markets lessened concern about the severity of a
possible global economic slowdown following the
worst financial crisis since the Great Depression.
Copper futures for December delivery rose 3 cents, or
1.7 percent, to $1.835 a pound at 12:21 p.m. on the Comex
division of the New York Mercantile Exchange. The metal
rose 7 percent yesterday.
Copper also gained on concern recent price declines will spur
miners to reduce supplies. Before today, copper tumbled
37 percent in October, heading for its worst month since
trading began in New York in 1988.
On the London Metal Exchange, copper for delivery in three
months rose $50, or 1.2 percent, to $4,070 a metric ton
($1.85 a pound).
Tuesday, October 28, 2008
UPDATE
UPDATE FOR OCTOBER 27
Copper bounced 6.6 percent andother metals jumped on
Monday in a short-covering rallytriggered by better-than
-expected housing data from the UnitedStates. In early trade,
the metal -- often seen as a key gauge for real economic
activity -- fell almost 5 percent to a three-year low on
a firmer dollar and concerns over global demand growth.
A U.S. government report showed a surprise increase in
September new home sales, tempering worries about
prospect of adeep recession. Three-month
copper MCU3 on the London Metal Exchange
jumped 6.6 percent to a high of $4,025 a tonne before
closing at $4,020. In early trade, the metal, mainly
used in the construction and power industries, hit a
three-year low of 3,590 -- down 4.9 percent against
Friday's close of $3,775.
Copper bounced 6.6 percent andother metals jumped on
Monday in a short-covering rallytriggered by better-than
-expected housing data from the UnitedStates. In early trade,
the metal -- often seen as a key gauge for real economic
activity -- fell almost 5 percent to a three-year low on
a firmer dollar and concerns over global demand growth.
A U.S. government report showed a surprise increase in
September new home sales, tempering worries about
prospect of adeep recession. Three-month
copper MCU3 on the London Metal Exchange
jumped 6.6 percent to a high of $4,025 a tonne before
closing at $4,020. In early trade, the metal, mainly
used in the construction and power industries, hit a
three-year low of 3,590 -- down 4.9 percent against
Friday's close of $3,775.
Saturday, October 25, 2008
UPDATES ON OCT 25 2008
OCT 25 SATURDAY
Copper Heads for Biggest Weekly Drop Since 1986;
Copper was poised for its biggest weekly decline since 1986 .
Copper, used in wires and pipes, sank 22 percent this week and
aluminum is down 11 percent. Toyota Motor Corp., the world's
second-largest automaker, reported its first drop in quarterly
sales in seven years. Volvo AB, the second-biggest heavy-truck
maker, said it expects a 10 percent decline in the North
American market this year.
Copper dropped every day this week, pulling prices down the
most since at least April 1986. The metal lost 7.2 percent
today to $3,750 a metric ton by 4:10 p.m. on the LME.
Copper may drop to $3,500 by next week, Michael Khosrowpour,
an analyst at Triland Metals Ltd., said in London.
Aluminum may fall to $1,900 a ton over the same
period, he said.
Stockpiles of copper in warehouses monitored by the LME
gained 2,725 tons, or 1.3 percent, to 211,975 tons, the
biggest jump since Oct. 7.
All of the gains were in the Netherlands, Spain and the U.S.,
while inventories dropped in South Korea, a location used to
store metal for buyers in China, the world's largest user of
copper. Inventories in warehouses monitored by the
Shanghai Futures Exchange declined 11 percent in the
week ended yesterday.
Copper Heads for Biggest Weekly Drop Since 1986;
Copper was poised for its biggest weekly decline since 1986 .
Copper, used in wires and pipes, sank 22 percent this week and
aluminum is down 11 percent. Toyota Motor Corp., the world's
second-largest automaker, reported its first drop in quarterly
sales in seven years. Volvo AB, the second-biggest heavy-truck
maker, said it expects a 10 percent decline in the North
American market this year.
Copper dropped every day this week, pulling prices down the
most since at least April 1986. The metal lost 7.2 percent
today to $3,750 a metric ton by 4:10 p.m. on the LME.
Copper may drop to $3,500 by next week, Michael Khosrowpour,
an analyst at Triland Metals Ltd., said in London.
Aluminum may fall to $1,900 a ton over the same
period, he said.
Stockpiles of copper in warehouses monitored by the LME
gained 2,725 tons, or 1.3 percent, to 211,975 tons, the
biggest jump since Oct. 7.
All of the gains were in the Netherlands, Spain and the U.S.,
while inventories dropped in South Korea, a location used to
store metal for buyers in China, the world's largest user of
copper. Inventories in warehouses monitored by the
Shanghai Futures Exchange declined 11 percent in the
week ended yesterday.
Friday, October 24, 2008
UPDATES ON OCT 24 2008
OCT 24 FRIDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND: BEARISH
S1 RS 204 , S2 RS 201
R1 RS 210 , R2 RS 213
WAIT FOR CONFIRMATION.
Copper, Nickel Extend Declines on Lower World
Demand for Metals .
Copper fell to a three-year low and nickel dropped to the
lowest since 2003 on speculation the global economic
slump will crimp demand for metals from investors who
had helped send commodities to a record in July.
Copper fell below $4,000 a metric ton in London for the first time
since October 2005,
Copper for delivery in three months declined $95, or 2.3
percent, to $4,060 a ton at 3:49 p.m. on the London Metal
Exchange. The price earlier reached $3,851, the lowest
since Oct. 24, 2005. Before today, copper had lost 54
percent since touching a record $8,940 on July 2.
In New York, copper futures plunged to the lowest price in
more than three years, dropping as much as 7.9 percent
after tumbling 14 percent in the first three sessions this
week. Before today, the metal was down 35 percent since
the end of September, heading for its worst month on
record on signs of declining usage in the U.S. and Asia.
Copper futures for December delivery fell 3.8 cents, or
2 percent, to $1.8275 a pound on the Comex division of
the New York Mercantile Exchange. Earlier, the price
touched $1.718, the lowest for a most-active contract
since Sept. 27, 2005.
Inventories of copper in warehouses monitored by the LME
advanced 1,500 tons to 209,250 tons, and aluminum
stockpiles jumped 3,475 tons to 1.5 million tons, the mos
t since February 1995, exchange figures show.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND: BEARISH
S1 RS 204 , S2 RS 201
R1 RS 210 , R2 RS 213
WAIT FOR CONFIRMATION.
Copper, Nickel Extend Declines on Lower World
Demand for Metals .
Copper fell to a three-year low and nickel dropped to the
lowest since 2003 on speculation the global economic
slump will crimp demand for metals from investors who
had helped send commodities to a record in July.
Copper fell below $4,000 a metric ton in London for the first time
since October 2005,
Copper for delivery in three months declined $95, or 2.3
percent, to $4,060 a ton at 3:49 p.m. on the London Metal
Exchange. The price earlier reached $3,851, the lowest
since Oct. 24, 2005. Before today, copper had lost 54
percent since touching a record $8,940 on July 2.
In New York, copper futures plunged to the lowest price in
more than three years, dropping as much as 7.9 percent
after tumbling 14 percent in the first three sessions this
week. Before today, the metal was down 35 percent since
the end of September, heading for its worst month on
record on signs of declining usage in the U.S. and Asia.
Copper futures for December delivery fell 3.8 cents, or
2 percent, to $1.8275 a pound on the Comex division of
the New York Mercantile Exchange. Earlier, the price
touched $1.718, the lowest for a most-active contract
since Sept. 27, 2005.
Inventories of copper in warehouses monitored by the LME
advanced 1,500 tons to 209,250 tons, and aluminum
stockpiles jumped 3,475 tons to 1.5 million tons, the mos
t since February 1995, exchange figures show.
Thursday, October 23, 2008
UPDATES
TECHNICALS FOR OCTOBER 23
MCX NOVEMBER COPPER
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
SUPPORTS : 205, 201
RESISTANCES : 213, 216.50
STAY SHORT AT RESISTANCES
MCX NOVEMBER COPPER
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
SUPPORTS : 205, 201
RESISTANCES : 213, 216.50
STAY SHORT AT RESISTANCES
UPDATES ON OCT 23 2008
OCT 23 THURSDAY
Copper Drops to Lowest in Almost Three Years
as Demand Wanes .
Copper prices tumbled to the lowest in almost three years as
a global economic slump reduces consumption of the metal
used in pipes and wires.
Copper futures for December delivery fell 14.15 cents, or
7.1 percent, to $1.8655 a pound on the Comex division of
the New York Mercantile Exchange. Earlier, the price
touched $1.823, the lowest for a most-active contract
since Nov. 23, 2005.
Copper has plummeted 56 percent from a record $4.2605 on May 5.
Slowing economies in China and the U.S., the world's two
biggest consumers of the metal, will keep driving down
prices.
A stronger U.S. currency is also weighing on copper.
The dollar gained as much as 2.3 percent today against a basket
of six major currencies, reaching the highest since Nov. 6, 2006.
On the London Metal Exchange, copper for delivery in
three months dropped $343, or 7.6 percent, to $4,155
a metric ton ($1.88 a pound).
Copper Drops to Lowest in Almost Three Years
as Demand Wanes .
Copper prices tumbled to the lowest in almost three years as
a global economic slump reduces consumption of the metal
used in pipes and wires.
Copper futures for December delivery fell 14.15 cents, or
7.1 percent, to $1.8655 a pound on the Comex division of
the New York Mercantile Exchange. Earlier, the price
touched $1.823, the lowest for a most-active contract
since Nov. 23, 2005.
Copper has plummeted 56 percent from a record $4.2605 on May 5.
Slowing economies in China and the U.S., the world's two
biggest consumers of the metal, will keep driving down
prices.
A stronger U.S. currency is also weighing on copper.
The dollar gained as much as 2.3 percent today against a basket
of six major currencies, reaching the highest since Nov. 6, 2006.
On the London Metal Exchange, copper for delivery in
three months dropped $343, or 7.6 percent, to $4,155
a metric ton ($1.88 a pound).
Wednesday, October 22, 2008
UPDATES
TECHNICALS FOR OCTOBER 22
MCX COPPER NOVEMBER
SHORT TERM TREND : BEARSIH
LONG TERM TREND : BEARISH
SUPPORTS : S1 224, S2 218
RESISTANCES ; R1 231, R2 233
STAY SHORT AT RESISTANCE
MCX COPPER NOVEMBER
SHORT TERM TREND : BEARSIH
LONG TERM TREND : BEARISH
SUPPORTS : S1 224, S2 218
RESISTANCES ; R1 231, R2 233
STAY SHORT AT RESISTANCE
UPDATE
UPDATE FOR OCTOBER 21
Copper tumbled below $2 a pound for the first time since
December 2005 on speculation that the world economy is
headed for a recession that will reduce demand for metals.
China, the biggest contributor to global growth, expanded at
the slowest pace in five years in the third quarter, a report
showed yesterday. U.S. lawmakers and officials moved toward
forging a second fiscal-stimulus package to stem the economic
decline. Before today, copper dropped 30 percent this year as
consumption slumped.
Copper futures for December delivery fell 8.4 cents, or 4 percent,
to $2.0325 a pound at 11:04 a.m. on the Comex division of the
New York Mercantile Exchange. Earlier, the price touched
$1.992, the lowest for a most-active contract since Dec. 21, 2005.
The metal rose to a record $4.2605 on May 5.
Copper tumbled below $2 a pound for the first time since
December 2005 on speculation that the world economy is
headed for a recession that will reduce demand for metals.
China, the biggest contributor to global growth, expanded at
the slowest pace in five years in the third quarter, a report
showed yesterday. U.S. lawmakers and officials moved toward
forging a second fiscal-stimulus package to stem the economic
decline. Before today, copper dropped 30 percent this year as
consumption slumped.
Copper futures for December delivery fell 8.4 cents, or 4 percent,
to $2.0325 a pound at 11:04 a.m. on the Comex division of the
New York Mercantile Exchange. Earlier, the price touched
$1.992, the lowest for a most-active contract since Dec. 21, 2005.
The metal rose to a record $4.2605 on May 5.
Tuesday, October 21, 2008
TECHNICALS FOR NEW YORK TRADING
OCT 21 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 238 ,S2 RS 233
R1 RS 242 , R2 RS 248
STAY SHORT AT RESISTENCE.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 238 ,S2 RS 233
R1 RS 242 , R2 RS 248
STAY SHORT AT RESISTENCE.
UPDATE
TECHNICALS FOR 21 OCTOBER
MCX NOVEMBER COPPER
SHORT TERM TREND : BEARSIH
LONG TERM TREND : BEARISH
SUPPORTS : S1 236, S2 233
RESISTANCES : R1 242, R2 246
GO SHORT AT RESISTANCES
MCX NOVEMBER COPPER
SHORT TERM TREND : BEARSIH
LONG TERM TREND : BEARISH
SUPPORTS : S1 236, S2 233
RESISTANCES : R1 242, R2 246
GO SHORT AT RESISTANCES
UPDATES ON OCT 21 2008
OCT 21 TUESDAY
Copper falls on demand fears, dollar strength .
Copper fell on Monday, reversing
earlier gains, as investors turned cautious on the stronger
dollar and concerns about slowing growth in China.
Three-month copper on the London Metal Exchange was
last quoted at $4,720/4,730, after falling as low as $4,661 a
tonne.
The dollar rallied against the yen, after Federal
Reserve Chairman Ben Bernanke told Congress another stimulus
plan may be needed to boost the sluggish economy, making
dollar-priced metals more expensive for holders of other
currencies.
China's production of refined copper rose 4.7 percent on the
year in September on expanded production capacity in the world's
top consumer of the metal.
The soft economic outlook prompted Deutsche Bank to slash its
commodity forecasts, slicing nearly 40 percent from its 2009
forecast for copper to just $4,161 a tonne.
Copper falls on demand fears, dollar strength .
Copper fell on Monday, reversing
earlier gains, as investors turned cautious on the stronger
dollar and concerns about slowing growth in China.
Three-month copper on the London Metal Exchange was
last quoted at $4,720/4,730, after falling as low as $4,661 a
tonne.
The dollar rallied against the yen, after Federal
Reserve Chairman Ben Bernanke told Congress another stimulus
plan may be needed to boost the sluggish economy, making
dollar-priced metals more expensive for holders of other
currencies.
China's production of refined copper rose 4.7 percent on the
year in September on expanded production capacity in the world's
top consumer of the metal.
The soft economic outlook prompted Deutsche Bank to slash its
commodity forecasts, slicing nearly 40 percent from its 2009
forecast for copper to just $4,161 a tonne.
Monday, October 20, 2008
UPDATES ON OCT 20 2008
OCT 20 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 238 , S2 RS 233
R1 RS 242 , R2 RS 248
STAY SHORT AT RESISTENCE.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 238 , S2 RS 233
R1 RS 242 , R2 RS 248
STAY SHORT AT RESISTENCE.
Friday, October 17, 2008
Market News on Oct 17 Friday 8.00PM IST
Confidence among US consumers fell the most on
record in October as job losses and turmoil in the financial
market raiqed the risk spending will decline.
The Reuters / University of Michigan preliminary
index of consumer sentiment fell to 57.5 from 70.5
in September , the biggest decline since records began
in 1978 . The measure which averaged 85.6 in 2007
was lower than forecast.
Confidence among US consumers fell the most on
record in October as job losses and turmoil in the financial
market raiqed the risk spending will decline.
The Reuters / University of Michigan preliminary
index of consumer sentiment fell to 57.5 from 70.5
in September , the biggest decline since records began
in 1978 . The measure which averaged 85.6 in 2007
was lower than forecast.
NYMEX TRADING LEVELS
NYMEX TRADING LEVELS FOR OCT `7 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 230.60 , S2 RS 228
R1 RS 235.50 , R2 RS 238
SELL AT 235 TO 235.50
STOP LOS RS 238
TARGET RS 228
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 230.60 , S2 RS 228
R1 RS 235.50 , R2 RS 238
SELL AT 235 TO 235.50
STOP LOS RS 238
TARGET RS 228
UPDATES ON OCT 17 2008
OCT 17 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 228 , S2 RS 224
R1 RS 234 , R2 RS 238
SELL AT 234 TO 234.50
STOP LOSS RS 238
TARGET RS 228
Copper Prices Drop to Lowest Since 2006 on Economic Outlook .
Copper futures dropped in New York to the lowest price
since January 2006 on concern that a deepening global
slowdown will curb demand for the metal used in pipes
and wires.
Copper extended losses after a report showed U.S. industrial
output fell in September by the most in almost 34 years as
an aircraft strike and hurricanes magnified the effects of
the credit crunch. For all of the third quarter, output dropped
at an annual rate of 6 percent, the biggest decline since 1991,
the Federal Reserve said today.
On the London Metal Exchange, copper for delivery in three
months dropped $270, or 5.5 percent, to $4,650 a metric ton
($2.11 a pound).
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 228 , S2 RS 224
R1 RS 234 , R2 RS 238
SELL AT 234 TO 234.50
STOP LOSS RS 238
TARGET RS 228
Copper Prices Drop to Lowest Since 2006 on Economic Outlook .
Copper futures dropped in New York to the lowest price
since January 2006 on concern that a deepening global
slowdown will curb demand for the metal used in pipes
and wires.
Copper extended losses after a report showed U.S. industrial
output fell in September by the most in almost 34 years as
an aircraft strike and hurricanes magnified the effects of
the credit crunch. For all of the third quarter, output dropped
at an annual rate of 6 percent, the biggest decline since 1991,
the Federal Reserve said today.
On the London Metal Exchange, copper for delivery in three
months dropped $270, or 5.5 percent, to $4,650 a metric ton
($2.11 a pound).
Thursday, October 16, 2008
UPDATES ON OCT 16 2008
OCT 16 THURSDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 236 , S2 RS 231
R1 RS 241.30 , R2 RS 246
SELL AT 241.50 TO 242
STOP LOSS RS 245
TARGET RS 236
US copper tracks equities to sharply weaker close.
U.S. copper futures settled sharply lower on Wednesday,
stemming a two-day rally as a sell-off on Wall Street and
fears of a global recession spurred further liquidation in the
industrial metal, analysts said.
Copper for December plunged 18.40 cents, or 7.7 percent,
to close at $2.2105 a lb on the New York Mercantile
Exchange's COMEX division.
Copper surrenders nearly all of its weekly gains after the
initial euphoria surrounding the U.S. government's $250
billion bank rescue plan to keep the economy out of
recession dries .
Copper's bearish tone compounded by renewed strength in the
U.S. dollar, which rallied to session highs against the euro after
Federal Reserve Chairman Ben Bernanke said turmoil in
credit markets posed a "significant threat" to the U.S.
economy.
Copper weakness tied to sharp losses in U.S. stock markets .
U.S. stocks extended losses in afternoon trading, with all three
major averages declining by more than 6 percent, after the
Federal Reserve said economic activity weakened across
the United States in September.
Fears of a global recession and weakening demand growth
forced analysts to revise down their forecasts for industrial
metals' prices.
On the fundamental front, workers at Chile's main copper
exporting port in the northern city of Antofagasta have
begun an indefinite strike action to demand improved
work conditions.
London Metal Exchange (LME) copper warehouse stocks
fell by 175 tonnes to 211,625 tonnes on Wednesday.
LME copper for three months delivery closed at $4,920 a
tonne, down $378 from Tuesday's closing bid at $5,298.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 236 , S2 RS 231
R1 RS 241.30 , R2 RS 246
SELL AT 241.50 TO 242
STOP LOSS RS 245
TARGET RS 236
US copper tracks equities to sharply weaker close.
U.S. copper futures settled sharply lower on Wednesday,
stemming a two-day rally as a sell-off on Wall Street and
fears of a global recession spurred further liquidation in the
industrial metal, analysts said.
Copper for December plunged 18.40 cents, or 7.7 percent,
to close at $2.2105 a lb on the New York Mercantile
Exchange's COMEX division.
Copper surrenders nearly all of its weekly gains after the
initial euphoria surrounding the U.S. government's $250
billion bank rescue plan to keep the economy out of
recession dries .
Copper's bearish tone compounded by renewed strength in the
U.S. dollar, which rallied to session highs against the euro after
Federal Reserve Chairman Ben Bernanke said turmoil in
credit markets posed a "significant threat" to the U.S.
economy.
Copper weakness tied to sharp losses in U.S. stock markets .
U.S. stocks extended losses in afternoon trading, with all three
major averages declining by more than 6 percent, after the
Federal Reserve said economic activity weakened across
the United States in September.
Fears of a global recession and weakening demand growth
forced analysts to revise down their forecasts for industrial
metals' prices.
On the fundamental front, workers at Chile's main copper
exporting port in the northern city of Antofagasta have
begun an indefinite strike action to demand improved
work conditions.
London Metal Exchange (LME) copper warehouse stocks
fell by 175 tonnes to 211,625 tonnes on Wednesday.
LME copper for three months delivery closed at $4,920 a
tonne, down $378 from Tuesday's closing bid at $5,298.
Wednesday, October 15, 2008
UPDATES ON OCT 15 2008
OCT 15 WEDNESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 253 , S2 RS 251
R1 RS 259.40 , R2 RS 263
SELL AT RESISTENCE.
Copper boosted by bailout plans, worries linger.
Copper prices jumped almost 10 percenton Tuesday after a
global effort to recapitalise banks lifted marketsentiment, but
prices later eased on growing worries over the outlook for
the global economy.
Plans by the United States to inject $250 billion into its
banks offered traders early cheer, and followed similar
moves in Europethat bolstered market confidence on
Monday .
But the rally eased as European equity markets fell back in
afternoon trade, after an early U.S. stock market rally ran out
of steam as concerns about demand and the health of the
global economy resurfaced.
Copper, used in construction and power industries, fell 22 percent
last week and is down by 40 percent since hitting a record
$8,940 a tonne on July 2.
Uncertainty about the depth of any recession in the United
States and Europe has persuaded many analysts to cut
price forecasts.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 253 , S2 RS 251
R1 RS 259.40 , R2 RS 263
SELL AT RESISTENCE.
Copper boosted by bailout plans, worries linger.
Copper prices jumped almost 10 percenton Tuesday after a
global effort to recapitalise banks lifted marketsentiment, but
prices later eased on growing worries over the outlook for
the global economy.
Plans by the United States to inject $250 billion into its
banks offered traders early cheer, and followed similar
moves in Europethat bolstered market confidence on
Monday .
But the rally eased as European equity markets fell back in
afternoon trade, after an early U.S. stock market rally ran out
of steam as concerns about demand and the health of the
global economy resurfaced.
Copper, used in construction and power industries, fell 22 percent
last week and is down by 40 percent since hitting a record
$8,940 a tonne on July 2.
Uncertainty about the depth of any recession in the United
States and Europe has persuaded many analysts to cut
price forecasts.
Tuesday, October 14, 2008
UPDATES ON OCT 14 2008
OCT 14 TUESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 251.60 , S2 RS 245
R1 RS 257.60 , R2 RS 261
WAIT FOR CONFIRMATION.
Copper prices rallied 4.5 percent on Monday, bouncing after
its biggest sell-off ever as part of a general improvement in
sentiment and after the world's largest copper mine declared
force majeure on some deliveries.
Copper for three-months delivery on the London Metal
Exchange rose as high as $5,015 a tonne from $4,800 at
the close on Friday. At 0931 GMT, it was trading at
$4,950 a tonne.
The metal, used in construction and power, fell more than 20
percent last week on concerns about a deepening recession.
Goldman Sachs, long a resolute commodity bull, turned
near-term bearish on Monday, cutting its forecast for
copper prices in three months to $3,500 a tonne versus
an old forecast of $7,960, but predicting a recovery to
$6,625 in 12 months.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 251.60 , S2 RS 245
R1 RS 257.60 , R2 RS 261
WAIT FOR CONFIRMATION.
Copper prices rallied 4.5 percent on Monday, bouncing after
its biggest sell-off ever as part of a general improvement in
sentiment and after the world's largest copper mine declared
force majeure on some deliveries.
Copper for three-months delivery on the London Metal
Exchange rose as high as $5,015 a tonne from $4,800 at
the close on Friday. At 0931 GMT, it was trading at
$4,950 a tonne.
The metal, used in construction and power, fell more than 20
percent last week on concerns about a deepening recession.
Goldman Sachs, long a resolute commodity bull, turned
near-term bearish on Monday, cutting its forecast for
copper prices in three months to $3,500 a tonne versus
an old forecast of $7,960, but predicting a recovery to
$6,625 in 12 months.
Monday, October 13, 2008
UPDATES ON OCT 13 2008
OCT 13 MONDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 234 , S2 RS 231
R1 RS 241 , R2 RS 244
SELL AT RESISTENCE LEVELS.
The metal witnessed heavy sell off as investors
dumped positions to seek refuge in safer havens
such as gold after Lehman Brothers filed for
bankruptcy.
Housing starts in US tumbled to a 17 year low of
8.95 Lakhs and Home sales declined 2.2 % to
49.10 Lakhs.
Housing is the sector were most of the copper is
used.
Copper market is expected to witness a surplus of
about 1 Lakh tonnes in 2008 , growing to 2.75 Lakh
tonnes in 2009 according to the Internationa Copper
Study Group.
The near month November contract has dipped 37 %
since September to Rs 236 a Kg on Friday in MCX
and is expected to fall further.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 234 , S2 RS 231
R1 RS 241 , R2 RS 244
SELL AT RESISTENCE LEVELS.
The metal witnessed heavy sell off as investors
dumped positions to seek refuge in safer havens
such as gold after Lehman Brothers filed for
bankruptcy.
Housing starts in US tumbled to a 17 year low of
8.95 Lakhs and Home sales declined 2.2 % to
49.10 Lakhs.
Housing is the sector were most of the copper is
used.
Copper market is expected to witness a surplus of
about 1 Lakh tonnes in 2008 , growing to 2.75 Lakh
tonnes in 2009 according to the Internationa Copper
Study Group.
The near month November contract has dipped 37 %
since September to Rs 236 a Kg on Friday in MCX
and is expected to fall further.
Friday, October 10, 2008
UPDATES ON OCT 10 2008
OCT 10 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 252, S2 RS 244
R1 RS 255 , R2 RS 262
SELL AT RESISTENCE LEVELS.
Copper bounces but demand fears persist.
Industrial metals rebounded onThursday after this week's
sharp declines, but analysts remainedwary as a poorer
demand outlook persisted.
Copper for delivery in three months on the London MetalExchange
closed at $5,315 per tonne, up $75 from $5,240 pertonne
on Thursday. It rose as high as $5,429 per tonne.
U.S. stocks surrendered a 190-point gain after the openingbell
as investors remained nervous about credit conditions despite
Wednesday's coordinated rate cut by the central banks across
the globe.
Copper prices have tumbled more than 11 percent so far this
week, bringing losses to around 40 percent since early July,
when it touched a record high of $8,940 a tonne.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 252, S2 RS 244
R1 RS 255 , R2 RS 262
SELL AT RESISTENCE LEVELS.
Copper bounces but demand fears persist.
Industrial metals rebounded onThursday after this week's
sharp declines, but analysts remainedwary as a poorer
demand outlook persisted.
Copper for delivery in three months on the London MetalExchange
closed at $5,315 per tonne, up $75 from $5,240 pertonne
on Thursday. It rose as high as $5,429 per tonne.
U.S. stocks surrendered a 190-point gain after the openingbell
as investors remained nervous about credit conditions despite
Wednesday's coordinated rate cut by the central banks across
the globe.
Copper prices have tumbled more than 11 percent so far this
week, bringing losses to around 40 percent since early July,
when it touched a record high of $8,940 a tonne.
Thursday, October 9, 2008
UPDATES ON OCT 9 2008
OCT 9 THURSDAY
NY precious metals hold gains, copper sinks by noon .
COMEX copper for December delivery tumbles 18.15 cents,
or 7 percent, to $2.3530 a lb, near the bottom of its $2.34
to $2.5645 session range.
Copper market hit by further deleveraging/long liquidation
pressures despite global central bank action to cut interest
rates in an effort to stem the unprecedented global market
turmoil.
Copper's near-term price outlook remain bearish due to
weaker global demand prospects .
The copper market is expected to see a surplus of about
100,000 tonnes in 2008, growing to around 275,000 tonnes
in 2009 .
London Metal Exchange copper warehouse stocks rose by
175 tonnes to 208,525 tonnes on Wednesday -- their highest
level since February 2007.
London copper for delivery in three fell 7.1 percent to its
lowest level since March 2006 at $5,227 a tonne, before
ending at down $385 at $5,240.
Copper briefly hit the support of $ 5250 before recovering
back.
In China Authorities announced that the Shanghai Future
Exchange would close trading in most of the copper
futures on Thursday due to three straight days of limit
declines.
.
NY precious metals hold gains, copper sinks by noon .
COMEX copper for December delivery tumbles 18.15 cents,
or 7 percent, to $2.3530 a lb, near the bottom of its $2.34
to $2.5645 session range.
Copper market hit by further deleveraging/long liquidation
pressures despite global central bank action to cut interest
rates in an effort to stem the unprecedented global market
turmoil.
Copper's near-term price outlook remain bearish due to
weaker global demand prospects .
The copper market is expected to see a surplus of about
100,000 tonnes in 2008, growing to around 275,000 tonnes
in 2009 .
London Metal Exchange copper warehouse stocks rose by
175 tonnes to 208,525 tonnes on Wednesday -- their highest
level since February 2007.
London copper for delivery in three fell 7.1 percent to its
lowest level since March 2006 at $5,227 a tonne, before
ending at down $385 at $5,240.
Copper briefly hit the support of $ 5250 before recovering
back.
In China Authorities announced that the Shanghai Future
Exchange would close trading in most of the copper
futures on Thursday due to three straight days of limit
declines.
.
Wednesday, October 8, 2008
UPDATES ON OCT 8 2008
OCT 8 WEDNESDAY
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 268 , S2 RS 264
R1 RS 274 , R2 RS 278
Copper Rises on London Metal Exchange, Reversing Earlier Drop .
Copper for delivery in three months gained $60, or 1.1 percent,
to $5,620 a metric ton as of 12:13 p.m. local time. It earlier
fell as much as 1.4 percent to $5,480 a ton.
A jump in the inventory of 9600 MT took the wind out of the
market Copper was at its lowest level in two years
as worries over the health of the global economy and overall
metal demand weighd on the sector.
Copper has support at $ 5250 and Resistence at $ 6300.
It is showing some signs of stabilisation after yesterday's
harrowing plunge. Traders say it is quite oversold now.
Analyst say the charts suggest that we could test the
early 2007 low of $ 5520.
SHORT TERM TREND : SIDEWAYS
LONG TERM TREND : BEARISH
S1 RS 268 , S2 RS 264
R1 RS 274 , R2 RS 278
Copper Rises on London Metal Exchange, Reversing Earlier Drop .
Copper for delivery in three months gained $60, or 1.1 percent,
to $5,620 a metric ton as of 12:13 p.m. local time. It earlier
fell as much as 1.4 percent to $5,480 a ton.
A jump in the inventory of 9600 MT took the wind out of the
market Copper was at its lowest level in two years
as worries over the health of the global economy and overall
metal demand weighd on the sector.
Copper has support at $ 5250 and Resistence at $ 6300.
It is showing some signs of stabilisation after yesterday's
harrowing plunge. Traders say it is quite oversold now.
Analyst say the charts suggest that we could test the
early 2007 low of $ 5520.
Tuesday, October 7, 2008
UPDATE
UPDATE AT 2 PM ON OCTOBER 7
Copper trims previous gains of 2 percent and drops to
$5,515/5,535 per tonne after inventory data shows a hefty
jump.
Copper for three-month delivery on the London Metal Exchange
was at $5,515/5,535 per tonne by 0814 GMT, versus around
$5,650 per tonne before the inventory data and $5,560 per
tonne at the close on Monday.
Stocks of copper in LME registered warehouses rose by 9,600
tonnes to 208,350 tonnes -- their highest since February 2007, with
between 80-90 percent of them being held by a single dominant
position, according to LME data.
The 9,600 tonnes of stocks were delivered into
warehouses in Europe.
Around 3 percent of the total stocks were on cancelled
warrants -- material earmarked for delivery.
Nickel was at $14,150 versus $14,300 while zinc was at
$1,544/1,554 compared to Monday's $1,549/1,550.
Lead rose to $1,660/1,675 per tonne versus $1,630/1,640
while tin was at $16,325/16,525 versus $16,200/1,205.
Aluminium was at $2,258/2,268 from $2,255.
Copper trims previous gains of 2 percent and drops to
$5,515/5,535 per tonne after inventory data shows a hefty
jump.
Copper for three-month delivery on the London Metal Exchange
was at $5,515/5,535 per tonne by 0814 GMT, versus around
$5,650 per tonne before the inventory data and $5,560 per
tonne at the close on Monday.
Stocks of copper in LME registered warehouses rose by 9,600
tonnes to 208,350 tonnes -- their highest since February 2007, with
between 80-90 percent of them being held by a single dominant
position, according to LME data.
The 9,600 tonnes of stocks were delivered into
warehouses in Europe.
Around 3 percent of the total stocks were on cancelled
warrants -- material earmarked for delivery.
Nickel was at $14,150 versus $14,300 while zinc was at
$1,544/1,554 compared to Monday's $1,549/1,550.
Lead rose to $1,660/1,675 per tonne versus $1,630/1,640
while tin was at $16,325/16,525 versus $16,200/1,205.
Aluminium was at $2,258/2,268 from $2,255.
UPDATES ON OCT 7 2008
OCT 7 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERMTREND : BEARISH
S1 RS 264 , S2 RS 261
R1 RS 268 , R2 RS 271
SELL AT RS 268 TO 268.50
STOP LOSS RS 271
TARGET RS 264
Copper Plunges to 20-Month Low as Slower
Growth May Curb Demand .
Copper tumbled the most in more than a year to the
lowest price since February 2007 on concern that
the deepening credit crisis will stifle global growth
and reduce metals demand.
Copper futures for December delivery fell 19.8 cents,
or 7.4 percent, to $2.492 a pound at 12:22 p.m. on the
Comex division of the New York Mercantile Exchange.
A close at that price would mark the biggest one-day
drop since Jan. 3, 2007.
Commodities including copper have fallen as increasing market
turmoil slashed investor confidence and traders exited
leveraged bets.
UBS today lowered its price forecasts for copper. London- based
analyst Daniel Brebner cited ``the deterioration in demand
fundamentals experienced over the past quarter and the
likelihood that this could continue over the next 12 months
at least'' in a report.
On the London Metal Exchange, copper for delivery in three
months dropped $500, or 8.3 percent, to $5,510 a metric
ton ($2.50 a pound).
SHORT TERM TREND : BEARISH
LONG TERMTREND : BEARISH
S1 RS 264 , S2 RS 261
R1 RS 268 , R2 RS 271
SELL AT RS 268 TO 268.50
STOP LOSS RS 271
TARGET RS 264
Copper Plunges to 20-Month Low as Slower
Growth May Curb Demand .
Copper tumbled the most in more than a year to the
lowest price since February 2007 on concern that
the deepening credit crisis will stifle global growth
and reduce metals demand.
Copper futures for December delivery fell 19.8 cents,
or 7.4 percent, to $2.492 a pound at 12:22 p.m. on the
Comex division of the New York Mercantile Exchange.
A close at that price would mark the biggest one-day
drop since Jan. 3, 2007.
Commodities including copper have fallen as increasing market
turmoil slashed investor confidence and traders exited
leveraged bets.
UBS today lowered its price forecasts for copper. London- based
analyst Daniel Brebner cited ``the deterioration in demand
fundamentals experienced over the past quarter and the
likelihood that this could continue over the next 12 months
at least'' in a report.
On the London Metal Exchange, copper for delivery in three
months dropped $500, or 8.3 percent, to $5,510 a metric
ton ($2.50 a pound).
Monday, October 6, 2008
UPDATE
UPDATE AT 9 PM ON OCTOBER 6
Copper fell the most in 13 months in London and aluminum
slumped to almost a three-year low as the credit crisis
deepened, threatening to curb global demand for raw materials.
The London Metal Exchange index of six metals tumbled 9.6
percent last week, the most since July 2006. Declines in all
commodities accelerated as Goldman Sachs Group Inc. said
the U.S. economy will enter a recession ``significantly deeper''
than previously forecast.
Copper for delivery in three months fell as much as 7.7 percent to
$5,545 a metric ton, the biggest intraday drop since Aug. 16, 2007.
It traded at $5,610 a ton as of 12:25 p.m. local time. Aluminum fell
as much as 3.9 percent to $2,248 a ton, the lowest since January 2006.
Copper stockpiles monitored by the LME gained 250 tons to
198,750 tons, according to the exchange's daily report.
Open interest of copper futures has risen 13 percent to 275,423
contracts since the end of June while prices have lost 34 percent,
reflecting new short positions are being added. Increasing short
positions on the LME could mean either more bets on price
declines, or producers are hedging against further metal weakness.
Copper fell the most in 13 months in London and aluminum
slumped to almost a three-year low as the credit crisis
deepened, threatening to curb global demand for raw materials.
The London Metal Exchange index of six metals tumbled 9.6
percent last week, the most since July 2006. Declines in all
commodities accelerated as Goldman Sachs Group Inc. said
the U.S. economy will enter a recession ``significantly deeper''
than previously forecast.
Copper for delivery in three months fell as much as 7.7 percent to
$5,545 a metric ton, the biggest intraday drop since Aug. 16, 2007.
It traded at $5,610 a ton as of 12:25 p.m. local time. Aluminum fell
as much as 3.9 percent to $2,248 a ton, the lowest since January 2006.
Copper stockpiles monitored by the LME gained 250 tons to
198,750 tons, according to the exchange's daily report.
Open interest of copper futures has risen 13 percent to 275,423
contracts since the end of June while prices have lost 34 percent,
reflecting new short positions are being added. Increasing short
positions on the LME could mean either more bets on price
declines, or producers are hedging against further metal weakness.
UPDATE
UPDATE AT 1PM ON OCTOBER 6
Copper fell more than 5 percent to a session low of $5,694
a tonne after a weak session in Asia, as fears grew over the
demand outlook. Copper was quoted at $5,710 a tonne at 0658
GMT, against $6,010 a tonne on Friday.
Copper fell more than 5 percent to a session low of $5,694
a tonne after a weak session in Asia, as fears grew over the
demand outlook. Copper was quoted at $5,710 a tonne at 0658
GMT, against $6,010 a tonne on Friday.
UPDATES ON OCT 6 2008
OCT 6 MONDAY
SHORT TERM TREND : SIDEWAYS : TARGET RS 348 TO 360
LONG TERM TREND : BULLISH : TARGET RS 360
S1 RS 348 , S2 RS 345 , S3 RS 340
R1 RS 353 , R2 RS 358 , R3 RS 362
MARKET EXPECTED TO MOVE SIDEWAYS.
Copper has once agaln opened in India
at the MCX lower by 1.28 %.It opened at Rs 273.
SHORT TERM TREND : SIDEWAYS : TARGET RS 348 TO 360
LONG TERM TREND : BULLISH : TARGET RS 360
S1 RS 348 , S2 RS 345 , S3 RS 340
R1 RS 353 , R2 RS 358 , R3 RS 362
MARKET EXPECTED TO MOVE SIDEWAYS.
Copper has once agaln opened in India
at the MCX lower by 1.28 %.It opened at Rs 273.
Saturday, October 4, 2008
UPDATES ON OCT 4 2008
OCT 4 SATURDAY
Copper Leads Decline in Industrial Metals, Down 14% This Week .
Copper led declines in industrial metals on the London
Metal Exchange with a 14 percent drop this week, the
most in at least 22 years, before a U.S. jobs report that
may indicate slowing growth in the world's biggest
economy.
Copper is down 13 percent this year, heading for the first
annual retreat since the last U.S. recession in 2001.
Copper for delivery in three months fell $40 to $5,810
a metric ton as of 9:28 a.m. on the London Metal Exchange
and earlier dropped to $5,670, the lowest since February
2007.
Copper has support at $ 5250 and Resistence at $ 6300.
Analyst say the chart looks dreadful with the recent plunge
resembling that of the proverbial knife.They say the next
support is at $ 5250 , the early 2007 low.But it is over sold
in the short term.
Copper prices were down 14 % so far this week eclipsing
the previous record weekly loss of 13.2 % seen in August
1980.
Copper Leads Decline in Industrial Metals, Down 14% This Week .
Copper led declines in industrial metals on the London
Metal Exchange with a 14 percent drop this week, the
most in at least 22 years, before a U.S. jobs report that
may indicate slowing growth in the world's biggest
economy.
Copper is down 13 percent this year, heading for the first
annual retreat since the last U.S. recession in 2001.
Copper for delivery in three months fell $40 to $5,810
a metric ton as of 9:28 a.m. on the London Metal Exchange
and earlier dropped to $5,670, the lowest since February
2007.
Copper has support at $ 5250 and Resistence at $ 6300.
Analyst say the chart looks dreadful with the recent plunge
resembling that of the proverbial knife.They say the next
support is at $ 5250 , the early 2007 low.But it is over sold
in the short term.
Copper prices were down 14 % so far this week eclipsing
the previous record weekly loss of 13.2 % seen in August
1980.
Friday, October 3, 2008
UPDATE
UPDATE AT 5 PM ON 3 OCTOBER
Copper headed for its worst week in more than 20 years
on increasing concern that slower global economic growth may
cut demand.
Copper fell for a fifth session yesterday, as the euro fell to a
one-year low against the dollar after European Central Bank
policymakers considered cutting rates. Commodity investors
are also concerned the post-Olympics bounce in Chinese economic
activity has been ``tepid at best'', according to Commonwealth
Bank of Australia's David Moore.
Copper for delivery in three months fell as much as 0.5 percent
to $5,860 a metric ton on the London Metal Exchange, and was
little changed at $5,860 at 11:40 a.m. in Singapore. The metal used
in wires and pipes slumped to $5,785 yesterday, the lowest since
February 2007. It is down 14 percent for the week, the largest weekly
drop since at least 1986.
December delivery copper on the Comex division of the New York
Mercantile Exchange added 0.8 percent to $2.6475 a pound at the
same time. China's markets are closed this week for holidays.
Labor disputes threatening to disrupt supply this week failed to stem the metal's losses.
Copper headed for its worst week in more than 20 years
on increasing concern that slower global economic growth may
cut demand.
Copper fell for a fifth session yesterday, as the euro fell to a
one-year low against the dollar after European Central Bank
policymakers considered cutting rates. Commodity investors
are also concerned the post-Olympics bounce in Chinese economic
activity has been ``tepid at best'', according to Commonwealth
Bank of Australia's David Moore.
Copper for delivery in three months fell as much as 0.5 percent
to $5,860 a metric ton on the London Metal Exchange, and was
little changed at $5,860 at 11:40 a.m. in Singapore. The metal used
in wires and pipes slumped to $5,785 yesterday, the lowest since
February 2007. It is down 14 percent for the week, the largest weekly
drop since at least 1986.
December delivery copper on the Comex division of the New York
Mercantile Exchange added 0.8 percent to $2.6475 a pound at the
same time. China's markets are closed this week for holidays.
Labor disputes threatening to disrupt supply this week failed to stem the metal's losses.
UPDATES ON OCT 3 2008
OCT 3 FRIDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 286 , S2 RS 282
R1 RS 293 , R2 RS 296.40
STAY SHORT AT RESISTENCE.
Dollar drags down copper.
Copper hit a fresh 19-month low on Thursday as the dollar rallied .
London closed down 5 percent at $5,850 from Wednesday's
$6,160 -- the lowest since early March 2007.
In New York, copper for December delivery shed 16.20 cents,
or 5.8percent, to end at $2.6275 a lb on the New York
Mercantile Exchange's COMEX division.
In early trade, copper prices in London and New York rose over
1 percentafter the U.S. Senate approved a revised rescue
plan for the financial markets.
The market was awaiting the House of Representatives' vote
on the $700 billion dollar package, which was expected by Friday.
The dollar index touched a near 13-month high as the euro
dropped oncomments from European Central Bank
President Jean-Claude Trichet that euro-zone inflation
Major automakers reported sharper-than-expected
falls in U.S. sales for September.
In copper, concern about demand from the construction and
power industrieshas eroded confidence, as have expectations
of slower demand growth in China,the world's largest consumer.
The second-largest copper consumer, the United States, will
likely suffer asharp economic downturn, or even recession,
judging by the impact of similarbanking crises around the
globe over the past 30 years, the InternationalMonetary
Fund said.
Copper shrugged off a strike at Freeport-McMoRan's
Cerro Verde, the third-largest copper mine in Peru.
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 286 , S2 RS 282
R1 RS 293 , R2 RS 296.40
STAY SHORT AT RESISTENCE.
Dollar drags down copper.
Copper hit a fresh 19-month low on Thursday as the dollar rallied .
London closed down 5 percent at $5,850 from Wednesday's
$6,160 -- the lowest since early March 2007.
In New York, copper for December delivery shed 16.20 cents,
or 5.8percent, to end at $2.6275 a lb on the New York
Mercantile Exchange's COMEX division.
In early trade, copper prices in London and New York rose over
1 percentafter the U.S. Senate approved a revised rescue
plan for the financial markets.
The market was awaiting the House of Representatives' vote
on the $700 billion dollar package, which was expected by Friday.
The dollar index touched a near 13-month high as the euro
dropped oncomments from European Central Bank
President Jean-Claude Trichet that euro-zone inflation
Major automakers reported sharper-than-expected
falls in U.S. sales for September.
In copper, concern about demand from the construction and
power industrieshas eroded confidence, as have expectations
of slower demand growth in China,the world's largest consumer.
The second-largest copper consumer, the United States, will
likely suffer asharp economic downturn, or even recession,
judging by the impact of similarbanking crises around the
globe over the past 30 years, the InternationalMonetary
Fund said.
Copper shrugged off a strike at Freeport-McMoRan's
Cerro Verde, the third-largest copper mine in Peru.
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