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.