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.