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.