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.