FEB 6 FRIDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

S1 RS 161 , S2 RS 158 , S3 RS 154

R1 RS 165 , R2 R S169 , R3 RS 172

STAY SHORT AT RESISTANCE.

COPPER FALLS ON ECONOMIC WOES AS THE US JOBLESS AND FACTORY DATA


FARES WEAK
Copper for March delivery on the Comex division shed

3.10 % to close at $ 1.50 a lb while the metal

traded on the LME ended at $ 3329 a tonne.

Industrial metals lost ground with copper losing

more than 3 % of its value as grim economic data

from the United States further clouded the out look for

metal consumption.

The number of US workers filing new claims for jobless benefit

hit a 26 year high last week and factory orders plummeted in

December , a fifth consecutive monthly decline

triggering a sell off across the complex.

Copper was also affected as the stocks in the LME rose

2650 tonnes to 502, 600 tonnes the highest since November 2003.

Copper at the LME might see support at $ 3285 levels while

the resistance for the same can be seen at $ 3466 levels.