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.