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.


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