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.