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.