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.