TECHNICALS FOR NYMEX TRADING

DECEMBER 31

MCX FEB COPPER

SHORT TERM ; SIDEWAYS

LONG TERM ; BEARISH

SUPPORTS : 144, 141, 138

RESISTANCES ; 149, 152, 155

WAIT FOR CONFIRMATION

MARKET ALERT DECEMBER 31

2.30 PM IST

MCX FEB COPPER LIKELY TO TEST RS.149.60

AND RS.152 LEVELS, CURRENT SUPPORT

SEEN AT RS.144.50. CMP RS.146.60.

DEC 31 WEDNESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 142 , S2 RS 140 , S3 RS 138

R1 RS 147 , R2 RS 149 , R3 RS 151

WAIT FOR CONFIRMATION.

Copper fell in London, leading most industrial metals

lower, as shrinking economic growth curbs demand and

expands stockpiles. Tin dropped to a two-year low.

Copper stockpiles monitored by the London Metal

Exchange rose to 337,350 metric tons, the highest

since February 2004.


Copper for delivery in three months fell $28.50, or 0.9

percent, to $2,879.50 a ton as of 11:52 a.m. on the LME,

taking this year’s drop to 57 percent. The metal traded

at a record $8,940 July 2. Copper last posted an annual

decline in 2001.

TECHNICALS FOR NYMEX TTRADING

DECEMBER 30

MCX FEB COPPER

SHORT TERM ; SIDEWAYS

LONG TERM : BEARISH

SUPPORTS ; 142, 140, 138

RESISTANCES ; 147, 149, 151

WAIT FOR CONFIRMATION

MARKET ALERT

DECEMBER 30


MCX FEB COPPER CMP RS.143.80 TO

RS.143.50 IS EXPECTED TO TEST RS.139

TO RS.140 LEVELS, RESISTANCE SEEN AT

RS.146.20.

TECHNICALS FOR DECEMBER 30

MCX FEB COPPER

SHORT TERM ; SIDEWAYS

LONG TERM ; BEARISH

SUPPORTS : 142, 140, 138

RESISTANCES ; 147, 149, 151

WAIT FOR CONFIRMATION.

Copper for March delivery closed up 0.80 cents at $ 1.3115

a lb on the Comex division after dealing in

a sessions range between 4 1.29 and $ 1.3290.

On the London Metal Exchange copper for threee month

delivery rose 4.1 % to a high of $ 2940 a tonne

from $ 2825 at the close on Wednesday.

The metal used in construction and power facilities

has lost almost 60 % in value this year and is

expected to remain weak in 2009 due to

global economic crisis.

Copper for Jan expiry under the MCX India might

see support at rS 140 levels and resistence for the same may

be at Rs 149 levels.

MARKET ALERT AT 6.30 PM DECMEBR 29

MCX FEB COPPER CMP RS.144.25, HAS

STRONG SUPPORT AT RS.142 , MAY TEST

RS.148 LEVELS.

DEC 29 MONDAY

TRADING LEVELS FOR EVENING NYMEX TRADE

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 142 , S2 RS 140 , S3 RS 138

R1 RS 145.60 , R2 RS 148 , R3 RS 151

STAY SHORT AT RESISTENCE.

MARKET ALERT AT 1 PM DECEMBER 29

MCX FEB COPPER LIKELY TO TEST RS.151

LEVELS : CMP RS.146.50, AND SUPPORT IS

AT RS.144.10.

DEC 29 MONDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 142.80 , S2 RS 140.60 , S3 RS 138

R1 RS 147 , R2 RS 149.60 , R3 RS 152

STAY SHORT AT RESISTENCE.

As LME remained closed for the holidays the activities

remained subdued and traders were waiting for Monday

opening.

Copper for delivery in three months fell $25, or 0.9 percent,

to $2,845 a ton in London. On the New York Mercantile

Exchange’s Comex division, copper futures for March

delivery fell 0.7 cent, or 0.5 percent, to $1.274 a

pound. Futures are down 58 percent this year.

Not much is expected in the coming week with

negative expectations for early 2009 .

In the coming week London Metal Exchange is closed

on Thursday.

TECHNICALS FOR EVENING TRADE

DECEMBER 26

MCX FEB COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 137.50, 135, 133

RESISTANCES : 141, 143, 146

STAY SHORT AT RESISTANCES

UPDATE AT10.20 AM DECMEBR26

MCX FEB COPPERWILL TAKE NEXT SUPPORTS

AT RS.137.90 AND 136.50, RESISTANCE

SEEN AT RS.142.55, CMP RS.140.75.

TECHNICALS FOR DECEMBER 26

MCX FEB COPPER

SHORT TERM : BEARISH

SUPPORTS ; 140,138.40, 136

RESISTANCES : 143.40, 146, 149

STAY SHORT AT RESISTANCES

UPDATE AT 7 PM DECEMBER 24

AS EXACTLY FORECASTED, MCX FEB COPPER

TOUCHED A LOW OF RS.140.90 AGAINST

OUR TARGET OF RS.140.70 , (CALL WAS

GIVEN WHEN COPPER WAS TRADING AT

RS. 144.80 ).

TECHNICALS FOR NYMEX TRADING

DECEMBER 24

MCX FEB COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 142, 140.20, 138

RESISTANCES ; 145, 147.30, 149.60

STAY SHORT AT RESISTANCES

UPDATE AT 1. 35 PM IST DECEMBER 24

OUR RECOMMENDATION OF MCX FEB COPPER BEING WEAK

SEEMS TO BE VALIDATED CMP RS. 143.75, REVISE SL

TO RS. 146.50.

UPDATE AT 1 PM DECMBER 24

MCX FEB COPPER EXPECTED TO COME DOWN

TO RS.142.50 AND RS.140.75, CURRENT

RESISTANCE IS AT RS.147.50. CMP RS.144.85.

FUNDAMENTALS FOR NYMEX TRADING

DECEMBER 23

MCX FEB COPPER

SHORT TERM ; SIDEWAYS

LONG TERM : BEARISH

SUPPORTS ; 145.70, 142.60, 140.20

RESISTANCES ; 149.60, 151, 154

WAIT FOR CONFIRMATION.

Copper fell almost 5 % to a 4 year low on Tuesday

on dismal housing dataand impatience with the pace of economic

stimulus.

New York traders stepped up the selling after US data showed

sales of newly built single family homes fell 2.9 % in Nov

to the weakest level in 17 years.

Sales of exsisting homes fell 8.6 % according to National

Assosiation of Realtors.

The Govt also released the final report on third quarter

gross GDP showing economic growth contracted 0.5 5

unchanged from last months estimate and reenforcing the

bleak demand picture for raw materials like copper.

Copper is at present in an oversold position and so

bears should be cautious.

Copper for Feb under the MCX India might see support at

Rs 141 levels and resistence for the same can be seen

at Rs 148 levels.

Copper is the metal we would identify as having the furthest

downside potential from current levels.

UPDATE OF CALL GIVEN EARLIER at 11.30 am

Copper right now trading with an upward bias.

Traders expect it could test Rs 151.

Trade with caution as market is moving

bidirectionally.

Market Alert on Dec 23 11.15 AM IST

Copper is expected to test Rs 144.30 and Rs 142,

if it sustains below Rs 149.30

Current market price Rs Rs 146.20.

TECHNICALS FOR DECEMBER 23

MCX FEB COPPER

SHORT TERM; SIDEWAYS

LONG TERM : BEARISH

SUPPORTS :145.70, 142.60, 140.20

RESISTANCES ; 149.50, 151, 154

WAIT FOR CONFIRMATION.

Copper prices have been trading sideways for the past

few trading sessions .

Copper is at $ 2970 up $ 40.

Despite the stronger tone today , charts continue to

look weak .

Next support is seen at $ 2500 .

LME stocks were up again today rising by 3900 tons.

Major support is seen at $ 2500 and resistence is

seen at $ 3800.

ALERT !!!!!!!!!!

CHINA CUTS INTEREST RATES BY 27 BASIS POINTS.

COULD SUPPORTS BASE METALS FOR SHORT TERM.

MARKET ALERT ON DEC 22 MONDAY 8.55 PM IST

MCX Feb Copper is expected to test Rs 143 ,

if it sustains below Rs 149.30.

Current market price Rs 147.10.

TECHNICALS FOR NYMEX TRADING

DECEMBER 22

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 145.70, 142.60, 140.20

RESISTANCES : 149.50, 151, 154

STAY SHORT AT RESISTANCES

DEC 22 MONDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 142.40 , S2 RS 140.10 , S3 RS 136

R1 RS 146 , R2 RS 148 , R3 RS 151.50

STAY SHORT AT RESISTENCE.

Copper extended a bounce from a fresh overnight low

dating back to October 2004 in Newyork futures

trade Friday morning , buoyed by the news that

US government will throw a life line to the ailing auto

industry.

Copper upside clouded by sluggish consumption growth

and mounting levels of stock in global ware houses.

Copper can go a fair bit lower as the weaker demand

environment and high inventory weigh on prices.

Weak data continue to worry the market .

Copper for Feb expiry under MCX India might see support

at Rs 136 levels and resistence can be seen at Rs 150 to

Rs 154.50 levels.

Copper might continue to trade lower as the economic

picture looms large over the industrial and construction

development.

Copper is the metal we would like to identify as having

the furthest downside potential from current levels.

TECHNICALS FOR NYMEX TRADING

DECEMBER 19

MCX FEBRUARY COPPER

SHORT TERM ; BEARISH

LONG TERM : BEARISH

SUPPORTS : 141.40, 138.20 , 136

RESISTANCES ; 145, 148, 151.50

WAIT FOR CONFIRMATION

OOUR TRADING CALL UPDATE

MCX FEB COPPER STOP LOSS TRIGGERED

AT RS.143.60.

DEC 19 FRIDAY

FUNDAMENTAL SCENARIO

Copper prices continued to nose dive on Thursday ,

dropping to their lowest levels in four years

as grim demand prospects for industrial metals

stemming from a glaobal slow down continued to drive

bearish sentiment.

A sharply weaker reading in German corporate sentiment

in December coupled with lower seasonally adjusted october

imports and exports in the Euro zone .

Copper can go a fair bit lower as the weaker demand

environment and high inventory weigh on prices.

Weak data continue to worry the market.

There is fear that this could lead be a serious

down tern and meatal demand will remain weak for

many months.

Copper for Feb delivery under the MCX might see

support at Rs 136 levels while the resistence might

be seen at Rs 146 levels.

OUTLOOK

Copper might continue to trade lower as the economic

picture looms large over the industrial and construction

development.

There is no doubt that the outlook for the metals demand

over the next few quarters is grim.

Copper is the maetal that has the furthest downside

potential from the current levels.

TRADING CALL FOR DEC 19 FRIDAY

Sell Copper at CMP Rs 141.50

Stop loss Rs 143.60

Target 1 Rs 139.30

Target 2 Rs 136.60

Traders are requested to operate with strict stop

loss as market is bordering on over sold position

in base metals and short covering rally could set

in any time due to christmas vacations commencing

early next week.

DEC 19 FRIDAY


SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 140.40 , S2 RS 138.20 , S3 RS 136

R1 RS 144 , R2 RS 147 , R3 RS 149.50

STAY SHORT AT RESISTENCE.

Copper futures on the Shanghai Futures Exchange plunged

by the daily limit to the lowest in five years after

global inventories climbed, signaling waning demand

during the recession.

Copper fell to a four-year low yesterday on the London

Metal exchange after the exchange-monitored stockpiles

rose to 324,175 metric tons, the highest level since

Feb. 12, 2004.

Copper for March delivery fell 4 percent from the previous

settlement price to 22,320 yuan ($3,265) a ton at the

market�s open, the lowest intra-day price since December

2003. The contract traded at 22,500 yuan at 10:39 a.m.

local time.

London copper was untraded after closing down 4.6 percent

at $2,880 yesterday, the lowest since December 2004.

MARKET ALERT ON DEC 19 FRIDAY

Copper support is at Rs 142 .

If broken then next support is at Rs 137.50.

UPDATE AT 9 PM DECEMBER 18

COPPER MCX FEBRUARY HAS BROKEN CRUCIAL

SUPPORT RS.142, NEXT SUPPORT SEEN AT RS.137.50

AND RS,135.

TRADING CALL UPDATE

MCX FEB Copper Target achieved at Rs 142

as per sell call given earlier in the day.

UPDATE AT 6 PM DECEMBER 18

MCX FE COPPER TOUCHED A LIFE LOW

RS.143.55, CRUCIAL SUPPORT AT RS.142,

RESISTANCE AT RS.146.

TECHNICALS FOR NYMEX TRADING DECEMBER 18

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 145, 142, 140.5

RESISTANCES : 147, 149.30, 152.10

STAY SHORT AT RESISTANCES

FUNDAMENTAL REPORT AND OUTLOOK ON COPPER


Copper fell to its lowest levels in almost four


on concerns that the deepening global recession


will reduce metal demand through next year .


Copper prices have plunged 55 % this year heading


for a record annual decline.


Climbing copper inventories signal sagging demand.


Stock piles monitored by the LME added 1% to 321900


metric tonnes today.


Copper demand will lag behing production next year


and the market will have a surplus of 144000 tons


of metal. Still copper pared declines today as the


dollar plunged against the euro spurring demand


from investors seeking alternative assets.




Copper for February expiry under the MCX India might


see support at 146 levels , while the resistence for


the same is seen at Rs 152 levels.


OUTLOOK


Copper might continue to trade lower as the economic


picture looms large over the industrial and construction


development.


There is no doubt that the outlook for metals demand over


the next few quarters is grim.


Copper is the metal we would identify as having the


furthest downside potential from current levels.

TECHNICALS FOR DECEMBER 18

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 148, 146, 143.30

RESISTANCES : 151, 153.30, 155.10

STAY SHORT AT RESISTANCES

Trading call ON DEC 18


MCX February Copper


Sell at opening around Rs 150 levels,

Stop loss Rs 154.25

Target 1 Rs 145.50

Target 2 Rs 142

ALL BASE METALS CRASH TO LIFE LOWS

COPPER TOUCHES LIFE LOW RS.147.25 AT

6.45 PM IST.

ALERT ALERT ALERT

COPPER FEBRUARY MCX CUTS LIFE LOW AND

TESTED RS. 149.75 LEVELS !!!!!!!!!!

TECHNICALS FOR NYMEX TRADING DECEMBER 17

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 152.40, 148.40, 146.20

RESISTANCES : 155, 159, 162.60

STAY SHORT AT RESISTANCES

TECHNICALS FOR DECEMBER 17

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 150.60, 148.40, 146.20

RESISTANCES : 155, 157.30, 159.60

STAY SHORT AT RESISTANCES

TECHNICALS FOR NYMEX TRADING

DECEMBER 16

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 152, 149, 145.20

RESISTANCES : 156, 159.10, 163.30

STAY SHORT AT RESISTANCES

TECHNICALS FOR DECEMBER 16

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS ; 154, 152, 150.20

RESISTANCES: 157.80, 160.10, 162.30

STAY SHORT AT RESISTANCES

TECHNICALS FOR NYMEX TRADING

DECEMBER 15

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 158, 156, 153

RESISTANCES ; 163, 165.40, 168

STAY SHORT AT RESISTANCES

TECHNICALS FOR DECEMBER 15

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 158, 156, 153

RESISTANCES : 163, 165.40, 168

WAIT FOR CONFIRMATION

The base metal complex continue to be affected by poor

economic data and fear of a prolonged recession in most

economies.

Rising inventory , contraction in liquidity and poor demand

characterise the base metal comnplex.

The failure of the US auto bail out package may exacerabate

the situation. Copper cash prices could breach the $ 3000

a tonne and rule below that level in the new year given

extremely poor demand conditions and bouts of selling.

Analyst tracing copper point out that lower lows are

likely into next year and a move below $ 3000 would

indicate a test of $ 2630.

The range for copper would be between $ 3000 and $ 3375

and a break through either of these levels would

likely trigger another $ 100 to $ 150 of follow through.

TECHNICALS FOR DECEMBER 15

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 158, 156, 153

RESISTANCES : 163, 165.50, 168

WAIT FOR CONFIRMATION

TECHNICAL LEVELS FOR NYMEX TRADING

DECEMBER 12

MCX FEBRUARY COPPER

SHORT TERM : SIDEWAYS

LONG TERM : BEARIS

SUPPORTS : 156, 153.50, 150

RESISTANCES : 161.60, 163.40, 166

STAY SHORT AT RESISTANCES

TECHNICALS FOR DECEMBER 12

MCX FEBRUARY COPPER

SHORT TERM ; SIDEWAYS

LONG TERM : BEARISH

SUPPORTS : 164, 161.50, 158

RESISTANCES : 168.60, 170.40, 173

WAIT FOR CONFIRMATION

TECHNICAL LEVELS FOR NYMEX TRADING

DECEMBER 11

MCX FEBRUARY COPPER

SHORT TERM : SIDEWAYS

LONG TERM : BEARISH

SUPPORTS : 164, 161.50, 158

RESISTANCES ; 171, 173.60, 176

WAIT FOR CONFIRMATION

TECHNICALS FOR DECEMBER 11

MCX FEBRUARY COPPER

SHORT TERM : SIDEWAYS

LONG TERM : BEARISH

SUPPORTS : 166, 163.50, 161

RESISTANCES : 170.30, 172.60, 175

WAIT FOR CONFIRMATION

DEC 11 THURSDAY

Copper Gains on Speculation Auto Industry Aid Will Help Demand

Copper prices rose on speculation that the U.S. government will

approve a rescue plan for the country’s automakers, boosting

demand for the metal.

Copper futures for March delivery rose 2.7 cents, or 1.9 percent,

to $1.4705 a pound at 9:58 a.m. on the Comex division of the

New York Mercantile Exchange. The metal rose for the second

time in nine sessions and was down 53 percent this year

before today.

Copper inventories rose 1,025 tons to 303,600 tons today, the most

since February 2004.

TECHNICAL LEVELS FOR NYMEX TRADING

DECEMBER 10

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 165, 161, 158

RESISTANCES : 168, 172, 176.40

STAY SHORT AT RESISTANCES

DEC 10 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 162 , S2 RS 158 , S3 RS 154

R1 RS 166 , R2 RS 170 , R3 RS 174
STAY SHORT AT RESISTENCE.
Copper Prices Decline on Signs Global Recession Is Deepening .

Copper prices fell for the seventh time in eight sessions on

signs that the global recession is deepening, even as

governments act to stimulate economic growth.

U.K. housing sales in October declined to the lowest in three

decades. U.S. hiring plans in the first quarter held near a

five-year low, a private survey showed.

Yesterday, copper surged 9.1 percent, the most in five weeks,

after President- elect Barack Obama pledged to boost the U.S

. economy with the biggest package of public-works spending

since the 1950s.

Copper futures for March delivery dropped 5.45 cents, or 3.6

percent, to $1.4435 a pound on the Comex division of the New

York Mercantile Exchange. The metal has tumbled 53 percent

this year.

Copper has supprt at $ 2991 and resistence at $ 3800.

Analyst feel copper could test lower levels in the

coming days.

TECHNICAL LEVELS FOR DECEMBER 9

FOR NYMEX TRADING

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 168.60, 166, 163

RESISTANCES : 172.30, 174, 176

STAY SHORT AT RESISTANCES

DEC 8 MONDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 166.60 , S2 RS 163 , S3 RS 158

R1 RS 170 , R2 RS 173 , R3 RS 177.40

STAY SHORT AT RESISTENCE.

DEC 8 MONDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 158.60 , S2 RS 156 , S3 RS 154

R1 RS 163 , R2 RS 165 , R3 RS 167.40

STAY SHORT AT RESISTENCE.

DEC 5 FRIDAY

TRADING LEVELS FOR NYMEX TRADING

SHORT TERM TREND: BEARISH

LONG TERM TREND : BEARISH

S1 RS 165.40 , S2 RS 163 , S3 RS 161.30


R1 RS 168.60 , R2 RS 171 , R3 RS 175.30

STAY SHORT AT RESISTENCE.

DEC 5 FRIDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND: BEARISH

S1 RS 168.40 , S2 RS 165 , S3 RS 162.30

R1 RS 172.60 , R2 RS 175 , R3 RS 177.30

STAY SHORT AT RESISTENCE.

Base metals generally drifted lower on Thursday.

Copper prices at LME moved down by 3.07 % at

$ 3446 per tonne.

LME copper inventories decreased by 250 tonnes .

LME stocks are at a 5 year high.

Surprise decline in ISM non manufacturing data coupled

with unexpectedly high 250,000 job losses in November

reenforced the deepening recessionary fears in the

worlds largest economy.

Prices are likely to trade lower amid a stronger dollar

and weaker demand prospects.

TECHNICAL LEVELS FOR NYMEX TRADING

DECEMBER 4

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 176.60, 174.20, 172

RESISTANCES : 180.60, 183.40, 186

STAY SHORT AT RESISTANCES

TECHNICALS FOR DECEMBER 4

MCX FEBRUARY COPPER

SUPPORTS : 176.10, 174.20, 172

RESISTANCES : 180.10, 182.40, 185

STAY SHORT AT RESISTANCES

TECHNICAL LEVELS FOR NYMEX TRADING

DECEMBER 3

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LONG TERM : BEARISH

SUPPORTS : 181.10, 178.30, 176

RESISTANCES : 184, 188, 192

STAY SHORT AT RESISTANCES

DEC 3 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 182.10 , S2 RS 180.30 , S3 RS 178

R1 RS 186 , R2 RS 189 , R3 RS 192

STAY SHORT AT RESISTENCE.

Copper Drops to 1-Week Low in New York as Inventories Gain .

Copper futures fell to a one-week low as stockpiles rose

to the highest level in more than four years, increasing

concern supplies will outpace demand.

Inventories monitored by the London Metal Exchange rose

0.6 percent today to 293,025 metric tons. That’s the

highest since Feb. 24, 2004.

Copper futures for March delivery lost 3.15 cents, or 1.9 percent,

to $1.5995 a pound at 9:11 a.m. on the Comex division of the

New York Mercantile Exchange. Earlier, the price dipped to

$1.575, the lowest since Nov. 24.

On the London Metal Exchange, copper for delivery in three

months fell $40, or 1.1 percent, to $3,550 a metric ton

($1.61 a pound).

TECHNICAL LEVELS FOR NYMEX TRADING

ON DECEMBER 2

MCX FEBRUARY COPPER

SHORT TERM : BEARISH

LOMH TERM : BEARISH

SUPPORTS : 183, 180, 178.30

RESISTANCES : 186, 189, 192

STAY SHORT AT RESISTANCES

DEC 2 TUESDAY

SHORT TERM TREND: BEARISH

LONG TERM TREND : BEARISH

S1 RS 186 , S2 RS 183.60 , R3 RS 190.40

R1 RS 192.60 , R2 RS 194 , R3 RS 196.30

STAY SHORT AT RESISTENCE.

Copper dropped $20 to $3,600 a ton.

Base metal prices have declined sharply on the back

of financial uncertainity across the globe.

Base metals are taking cues from the global equity

market as the demand factor is highly important.

World Bureau of Metal Statistics reported a global

copper market surplus of 26.8 Kt in the first nine months

of 2008 compared to 187 Kt deficit in the same period in

2007.

Prices hover below $ 4000 level .

Analysy feel the prices are expected to remain in the

range of $ 3000 to $ 4000 till the year end.

TECHNICALS FOR DECEMBER 1 AT 4.30

FOR NYMEX TRADING

MCXX COPPER FEBRUARY

SHORT TERM : SIDEWAYS

LONG TERM : BEARISH

SUPPORTS : 188, 186.30, 182

RESISTANCES : 192.60, 196, 199

WAIT FOR CONFIRMATION

DEC 1 MONDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 188 , S2 RS 186.30 , S3 RS 182

R1 RS 191 , R2 RS 195.60 , R3 RS 199

This complex has borne the brunt of the global

economic slow down.

Contraction in liquidity and sharp decline in demand

and rising inventories have taken a toll on market

prices.

There has been an aggresive short selling in this

complex .There have been short selling too but these

are unlikely to sustain given the over all gloomy

outlook.

Copper is lekely to witness range bound trading

around a declining trend over the next few weeks.

Buying in the lows of $ 3000 and selling in thre highs

of $ 3000 is advisable.