NOV 28 FRIDAY

Copper fell on concern a slumping U.S. economy will crimp


consumption of Chinese imports and demand for industrial


metals in the Asian economy.


Copper usage in the U.S., the largest buyer after China, fell


9 percent in the first eight months and demand in China rose


13 percent, according to the International Copper Study Group.


Copper for delivery in three months declined $59 to


$3,696 a ton.


Copper inventories gained 2,375 tons to 288,725 tons.

NOV 26 WEDNESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND: BEARISH

S1 RS 191.60 , S2 RS 188.30 , S3 RS 185

R1 RS 195 , R2 RS 195.60 , R3 RS 203.

NOV 26 WEDNESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 187.60 , S2 RS 185.30 , S3 RS 182

R1 RS 191 , R2 RS 193.60 , R3 RS 196

NOV 25 TUESDAY

TRADING LEVELS FOR EVENING TRADE

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 179 , S2 RS 175.20 , S3 RS 173.60

R1 RS 183 , R2 RS 188 , R3 RS 191.40

NOV 25 TUESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 182 , S2 RS 180.20 , S3 RS 178.60

R1 RS 186 , R2 RS 188.60 , R3 RS 190.40

Copper Declines From One-Week High on Global

Economy Concerns .

Copper declined as investors speculated a rally to a one-week

high was overdone against the backdrop of a global

economic slowdown and rising inventories.

London copper jumped as much as 7.8 percent to the

highest price since Nov. 14 yesterday as U.S. stocks

rallied on a government rescue of Citigroup Inc. The

global surplus of the metal, used in power grids and

buildings, more than tripled to 75,000 metric tons in

the eight months ended August from a year ago, according

to the International Copper Study Group.

Copper for three-month delivery fell as much as 2.9 percent

to $3,640 a ton on the London Metal Exchange and traded

at $3,680 at 12:44 p.m. in Shanghai. It jumped to as high

as $3,815 yesterday.

February-delivery copper on the Shanghai Futures Exchange

traded at 27,730 yuan ($4,061) a ton after rising as much

as 4 percent, or the exchange-imposed limit, from the

previous settlement price.

Expected trading range for this session 8.30 pm IST

Copper Rs 184 to 189.

Zinc Rs 59 to 63.

Lead Rs 59 to 62

Nickel Rs 508 to 532

TRADING LEVELS FOR EVENING TRADING

NOV 24 MONDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 185 , S2 RS 183 , S3 RS 178.30

R1 RS 189 , R2 RS 192 , R3 RS 196

STAY LONG AT SUPPORT.

Market Alert on Nov 24 Monday 3.15 PM Indian Standard Time

All Base metals are trading near interim Resistenc.

Copper Rs 182.50

Zinc Rs 60.60

Nickel Rs 512

Lead Rs 61

If market sustains above these levels may test

Copper Rs 186

Zinc Rs 62.50

Lead Rs 63

Nickel Rs 524

Trading call update

Exit from sell call given earlier in copper.

Wait for fresh entries.

Call update

Target 1 acieved in Mcx Nov Copper as per

sell call given earlier.

Hold for further target Of Rs 172 .

Sell call was initiated at Rs 175.60.

TRADING CALLS FOR NOV 24 MONDAY

Sell Copper at Rs 175.60

Stop loss Rs 178.80

Target 1 Rs 174.20

Target 2 Rs 172.

NOV 24 MONDAY

SHOR TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 175.50 , S2 RS 173 , S3 RS 170.30

R1 RS 180.60 , R2 RS 183 , R3 RS 185

SELL AT REISTENCE.

Base metals remain under pressure.

The entire comples has been reacting to serious

concerns on the demand side following the onset

of recessionary conditions and contractions in

liquidity.

Copper prices slumped on the back of a deteriorating

demand outlook and rising LME inventory as they

gained 1575 tonnes on Thursday.

Copper prices could remain under pressure as a

steady rise in inventories coupled with a demand

scenario is putting pressure on the downside.

Data issued by International Copper study group

revealed that over supply in the global copper market

widened in August 2008 for the third month in a row ,

hence resulting in a surplus for the first eight months

of the year.This situation could change if China actually

implements its $ 586 bn stimulus package.

Copper may see range trading with prices in the low

to mild $ 3000 levels.

TECHNICAL INTRADAY CALL AT 11 AM

ON NOVEMBER 21

SELL COPPER NOVEMBER MCX AT 173.55 TO

174.55 , SL 175.50

FORV T1 171.85, AND T2 170.95.

TECHNICALS FOR NOVEMBER 21

MCX NOVEMBER COPPER

SHORT TERM: BEARISH

LONG TERM : BEARISH

SUPPORTS : 174.30, 172, 169

RESISTANCES : 178.60, 180.60, 183

STAY SHORT AT RESISTANCE.

Market Alert on Nov 20 Thursday

Trading range for this session

Copper Rs 178 to Rs 174,

UPDATE FOR NOVEMBER 19

Copper prices fell the most in a week on signs that output

is exceeding demand as a global economic slump trims

consumption of the metal used in pipes and wires.

Production topped demand by 26,800 metric tons this year

through September, the World Bureau of Metal Statistics said

today. Inventories monitored by the London Metal Exchange

more than doubled in the past six months and are the highest

since March 2004. Prices have tumbled 47 percent this year.

``The weaker global macro picture is bearish for metal

consumption,'' Barclays Capital said today in a note. The surge

in LME stockpiles also is hurting prices, the bank said.

Copper futures for March delivery dropped 6.2 cents, or 3.7

percent, to $1.6095 a pound on the Comex division of the New

York Mercantile Exchange, the biggest drop since Nov. 11. The

metal has plunged 62 percent from a record $4.2605 in May as

economic growth stalled.

LME stockpiles, up 55 percent from a year ago to 280,050

tons, have gained for 21 straight days, the longest climb

since March 2002.

TECHNICALS FOR NOVEMBER 20

MCX NOVEMBER COPPER

SHORT TERM : BEARISH

LONG TERM ; BEARISH

SUPPORTS : 178, 175

RESISTANCES : 183, 186

STAY SHORT AT RESISTANCES

NOV 19 WEDNESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 181.50 , S2 RS 178

R1 RS 186 , R2 RS 189

Base metals pare gains on late Wall St reversal.

Industrial metals trimmed gains in late business on Tuesday

as a sharp downturn in U.S.equities sapped strength from

the complex, while a poor demandoutlook continued to

dampen sentiment.


London Metal Exchange often seen as a keygauge of real

economic activity -- rose $90 or 2.5 percent to close at

$3,750 a tonne. After-hours, it was trading at around

$3,682.

Copper for December ended up 0.55 cent at$1.6620 a lb

on the New York Mercantile Exchange's COMEX division,

after dealing in a session range between $1.6015 and

$1.7015.

Weak metals demand and fears the world is in for a long

recession have sent copper prices tumbling around 60

percent sincehitting a record high of $8,940 a tonne in

July.

NOV 18 TUESDAY

SHORT TERM TREND: BEARISH

LONG TERM TREND : BEARISH

S1 RS 179.80 , S2 RS 177

R1 RS 183.60 , R2 RS 186

Copper falls 3 pct as recession woes persist.

Industrial metals drifted lower on Monday, with copper

slipping more than 3 percent as investors priced in weaker

consumption outlook for metals in the face of a global

downturn.

Copper for three-months delivery on London Metal Exchange

fell to a session low of $3,680 per tonne and was at $3,695 per

tonne by 1030 GMT, versus $3,820 on Friday, when it

jumped around 5 percent.

Lack of demand could be mirrored in the sharply surging

LME inventories of copper, which has risen another 1,800

tonnes, bringing the total to 275,900 -- its highest since

February 2004. Stocks have risen nearly 40,000

tonnes so far in November alone.

The dollar fell against the euro and the sterling but did

not help metals. In theory, metals tend to move in the

opposite direction of the dollar, as a strong U.S.

currency makes them more expensive for local

currency holders.

NOV 17 MONDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 186 , S2 RS 184.40

R1 RS 189 , R2 RS 191

Demand deterioration following lowering of global

growth expectations remain th central theme

of the base metal complex.

The world already in recession according to

the latest assessment , is forecast to witness even

lower growth in 2009 (2.2 % )

This is having a deleterious effect on the base metal

market with demand concerns in focus. Prices have

declined to multi year lows. Inventory levels for

Aluminium , copper, nickel and zinc are rising.

Producers have announced output cuts.

More may of course be needed to counter the

poor sentiment . China's $ 600 Billion package to

stimulate the economy has not cheered the market.

Copper is likely to trade in the range of $ 3500 to $ 4000

levels.

UPDATES FOR WEEK ENDING 14 NOVEMBER

Copper rose the most in a week as a rally in Asian and

European equity markets eased concerns that a worldwide

economic slump will slash metal demand.

Copper futures for March delivery climbed 8.5 cents, or

5.2 percent, to $1.715 a pound on the Comex division of the

New York Mercantile Exchange, the biggest gain since Nov. 4.

The contract increased 0.8 percent this week. The metal still

has dropped 60 percent from a record in May.


The MSCI World Index of equities rose as much as 1.4 percent

today before turning lower on a slide in U.S. stocks. U.S. retail

sales dropped in October by the most on record. The

Dow Jones Industrial Average jumped 6.7 percent yesterday

after the close of Comex floor trading in copper.

``We're seeing a bounce in copper that's still based on

yesterday's big rally in the stock markets,'' said Frank McGhee,

the head dealer at Integrated Brokerage Services LLC in

Chicago. ``These markets are looking forward, and four to

six months down the road, demand starts to look better.''


`Downward Trend'
Still, concerns that consumption will weaken indicate ``copper

will resume its downward trend,'' O'Neill of Logic Advisors said.


The global economic slump spurred slack consumption from\

the manufacturing, auto and construction industries. Copper is

headed for its first annual decline since 2001, the last time

the U.S. was in a recession.

``We do not expect the current pessimism about the economic

outlook to lift anytime soon,'' Standard Chartered Bank analysts

Helen Henton and Dan Smith in London said in a report today.

``This should result in prices heading lower into the year end.''

Growth in copper demand has slowed to 1 percent this year

after gaining 4.2 percent in 2007, Standard Chartered said.

The metal will average $1.63 next quarter, the bank forecasts.

That compares with a Comex average of $2.05 this quarter.

On the London Metal Exchange, copper for delivery in three

months rose $150, or 4.1 percent, to $3,820 a metric ton

($1.73 a pound).

TECHNICALS FOR NOVEMBER 14

MCX NOVEMBER COPPER

SHORT TERM: SIDEWAYS

LONG TERM : BEARISH

SUPPORTS : 180, 177.6

RESISTANCES : 186. 189

WAIT FOR CONFIRMATION

TECHNICALS FOR NOVEMBER 13

MCX NOVEMBER COPPER

SHORT TERM : BEARISH

LONG TERM: BEARISH

SUPPORTS : 180, 177.60

RESISTANCES : 185, 188

SELL AT RESISTANCES

UPDATE AT 10 AM ON NOVEMBER 13

London copper futures touched a new three-year low

on Thursday, while Shanghai futures dropped to their

weakest in four years, pressured by worriesabout a global

slowdown in demand. Persistent concerns about a global

economic recession weighed on commodity prices

overnight, driving down oil and gold steeply, but base metals

were less affected as analysts believed the response from

miners may be starting to support sentiment. Oil slid for a third

straight day to hit a 22-month low of $55 a barrel, as mounting

pessimism about the global economy wei gh OPEC's comments

that it could cut output gain as early as end-November.

Global copper production may have been trimmed by around

2percent annually, while zinc output will fall by around 500,000

tonnes or 3.5 percent of capacity and nickel output cuts may

reduce supply by the equivalent of 6 percent of worldproduction,

analysts said. China's refined copper production tumbled 8 percent

on the year to293,900 tonnes in October, said the National

Bureau of statisticsm output fell 0.9 percent, nickel fell 18

percent but zinc output rose 3.6 percent.

London Metal Exchange copper fell 0.6 percent to$3,600 a

tonne at 0230 GMT. Prices earlier dropped 2.1 percentto to $3,545

a tonne, their weakest since September 2005.

NOV 12 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 177 , S2 RS 173.60

R1 RS 183 , R2 RS 186

SELL AT RESISTENCE.

Shanghai copper hits near-4 yr low on weak outlook.

Shanghai copper futures fellto their weakest in almost

four years on Wednesday, chasingsharp losses overnight

in London on gathering gloom about the global economy.

Analysts said the longer-term outlook remained bleak

withplenty of room for further falls in copper prices, despite

a modest bounce in London on Wednesday.

The package for China looked good at first glance and

government spending will help but most positive forecast

calls for a rebound in the second half of 2009 but that may

be pushed out to 2010.

London Metal Exchange copper rose $60 or 1.7 percentto

$3,700 a tonne at 0240 GMT. In the wake of the Beijing

announcement prices surged 11 percent before the rally

fizzled.

The benchmark Shanghai contract SCFc3 fell 460 yuan to

28,860 yuan ($4,231). Shanghai copper earlier dipped to

28,600yuan, its lowest since January 2005.

Stocks of copper in LME-registered warehouses rose

another4,625 tonnes to 265,475 tonnes, their highest

since March 2004.In November alone, they are up

more than 27,000 tonnes.

UPDATE AT 1 1 AM NOVEMBER 11

Shanghai copper futures shed nearly 3.7 percent on

Tuesday, and London prices ticked lower after a double

digit rally overnight on a rescue package for China's economy

fizzled.

On Monday, Shanghai copper jumped by its 4 percent limit

chasing an early charge higher that saw London prices up

as much as 11 percent, before closing 3.2 percent in the black.

Initial euphoria after China launched a near $600-billion

spending package to shore up GDP was tempered by worries

about the world economy and fears of a widespread recession.

China will also adjust policies on metal product exports at the

end of this year or early next year to boost trade, an executive

at the China Nonferrous Metals Industry Association said on Tuesday.

TECHNICALS FOR NOVEMBER 11

MCX COPPER NOVEMBER

SHORT TERM : BEARISH

LONG TERM: BEARISH

SUPPORTS : 186.6, 184

RESISTANCES : 190.6, 193

SELL AT RESISTANCES

MARKET UPDATE AT 10 AM NOVEMBER 10

CHINA WORLD LARGEST USER OF METALS,

UNVEILED A 4 TRILLION YUAN ( 586 BILLION)

PLAN TO PROP UP INDUSTRIAL GROWTHIN CHINA.

LMECOPPER JUMPED 7.3 %. PRICES TO STAY HIGH.

TECHNICALS FOR NOVEMBER 10

MCX NOVEMBER COPPER

SHORT TERM: SIDEWAYS

LONG TERM : BEARISH

SUPPORTS : S1 184.3, S2 182

RESISTANCES : R1 189, R2 192

WAIT FOR CONFIRMATION

The unprecedented speed and scale of price collapse

in base metal prices is a clear indication of the

cataclysmic changes that have come about in the

global economic environment.Rising inventories add to

the exsisting burden.It is not global slow down but a

full blown recession that the market seems to have

priced in.

Extreme caution is advised in trading, Short covering rallies

may be possible but market fundamentals are such that

rallies may not sustain for too long.

TECNICALS LEVELS AT 5 PM ON NOVEMBER 7

MCX NOV COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS ; 188.20, 184

RESISTANCES ; 193, 196

STAY SHORT AT RESISTANCES

Copper bounces, but future direction uncertain.

Copper bounced on Friday as the market paused to take stock

of recent losses, but analysts say the jury is still out on

whether global recession and plunging demand has

been fully priced into the market.

The metal used in power and construction has lost more

than half of its value since a record high of $8,940 a tonne

on July 2. Last week it hit a three-year low of $3,590

a tonne.

Copper for three-month delivery on the London Metal

Exchange was trading up about 4 percent at $3,938 a

tonne at 1045 GMT from an earlier two-week low of

$3,740 and compared with $3,805 at the close on

Thursday.

Reinforcing fears that the worst is yet to come were gross

domestic product froecasts from the International Monetary

Fund, which expects global growth to slow to 2.2 percent

next year from 3.7 percent this year.

Part of the reason for the rally on Friday is because of short

position covering -- bets on lower prices.

But rising copper inventories would check any price gains.

Stocks of the metal in LME warehouses at above 250,000

tonnes are the highest since early March 2004.

PIVOTS FOR NOV 7

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

SUPPORTS : S1 184.2, S2 182

RESISTANCES : R1 189, R2 192

STAY SHORT AT RESISTANCES

NOV 6 THURSDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 193 , S2 RS 190.60

R1 RS 198 , R2 RS 202

STAY SHORT AT RESISTENCE.

Copper 9 % fall lead other metals lower.

Copper shed nearly 9 % to lead other industrial

metals lower on Wednesday as inventories rose

and a firmer dollar weighed after the US elections.

The dollar erased some of its earlier gains but

remained stronger after posting its biggest one

day slide in 13 years the previous day and as the

Democratic canditate Mr Barreack Obama won

the US Presidential elections.

Copper for three month delivery on the London

Mrtal Exchange fell to $ 4090 a tonne from $ 4350

at the close on Tuesday as compared with a session

low of $ 3970.

Poor demand for copper is mirrored by the continuous

jump in inventories.Stocks of the metal in

the LME registered warehouses jumped 5825 tonnes

on Wednesday bringing the total to 247475 tonnes.

The sticks have risen more than 35000 tonnes in the

last 2 weks alone.

NOV 5 WEDNESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 205.40 , S2 RS 202

R1 RS 212 , R2 RS 218

STAY LONG FOR INTRA DAY

Copper Falls in London as Dollar Gains, Cutting Demand Outlook .

Copper declined in London as the dollar rebounded against

the euro and crude oil dropped, reducing the appeal of

the metal as an alternative investment.

Copper for delivery in three months on the London Metal

Exchange declined as much as 1.2 percent to $4,250 a

metric ton and traded at $4,265 as of 10:32 a.m.

Singapore time. Copper has lost 36 percent this year,

heading for the first annual drop since 2001, as rising

stockpiles signal weaker demand.

Copper for January delivery on the Shanghai Futures Exchange

rose 2.8 percent for the previous close to 32,650

yuan at 10:36 a.m. local time.

Global copper demand will fall 0.2 percent next year, down

from an earlier forecast for a 1 percent advance, because

of slower economic growth in China, Credit Suisse Group

analyst Jeremy Gray wrote in a report Nov. 3. China is

the world's largest consumer of industrial metals.

Copper inventories tracked by the LME rose for a

10th day, reaching the highest since March 2004.

Including those monitored by bourses in New York

and Shanghai, stockpiles are equal to about 5.4 days

of global consumption, above last year's average of

4.9 days.

NOV 4 TUESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 198.60 , S2 RS 194

R1 RS 206 , R2 RS 210

STAY SHORT AT RESISTENCE.

Copper ends flat despite rising inventories.

Copper closed relatively flat on Monday, rebounding from

earlier sharp losses as gainsin U.S. equities overshadowed

a large build in the red metal'sinventories.

The metal had lost as much as 4 percent of its value earlier

as inventories in London grew to their biggest since March

2004, fanning pessimism about Chinese demand.

The metal had lost as much as 4 percent of its value earlier

as inventories in London grew to their biggest since

March 2004, fanning pessimism about Chinese demand.

U.S. stocks markets were volatile but held positive ground

when copper for December delivery HGZ8 settled 1.10

centshigher at $1.84 a lb on the New York Mercantile

Exchange'sCOMEX division, up from an early low at

$1.7805.

In London, three-month copper on the London Metal

Exchange fell as low as $3,934 a tonne, and officially

closedat $4,090 versus Friday's close of $4,099

per tonne.

LME copper stocks surged 7,275 tonnes to 237,925, the

highest level since March 2004. The increase followed

gains of6,775 and 6,575 at the end of last week.

Prices for the metal, used in construction and power, have

fallen more than 50 percent since reaching a record high

of$8,940 a tonne in July.

A measure of Chinese manufacturing activity showed factory

output shrank sharply in October in the face of waning

orders,while officials pledged further steps to boost

domestic demandto keep the economy from slowing

too much.

NOV 3 MONDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 207 , S2 RS 202

R1 RS 214 , R2 RS 218

India's copper future is expected to open higher

on Monday tracking from overseas market.

The benchmark November copper MCCX8 on the Multi

Commodity Exchange of India (MCX) on Saturday ended

down 2.2 percent at 211.5 rupees. It may open around

213-214 rupees per kg, an analyst said.