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Thursday, August 6, 2009

COPPER OUT LOOK

** Copper extended their 10-month high for the fourth consecutive
session on a weakening U.S. dollar, continuing economic optimism and
technical buying amid the metal's strong recent advances.

Zambia's Baluba copper mine will resume operations in December after its
owners complete rehabilitation work and replace obsolete machinery, the
company's spokesman said.

For today market is looking for the support at 290.00, a break below
could see a test of 285.00 and where as resistance is now likely to be
seen at 298.65, a move above could see prices testing 302.30.

*Trading Ideas:*
COPPER TRADING RANGE IS 275-310.
COPPER CONTINUED ITS RALLY ON TECHNICAL BUYING AND WEAK DOLLAR
SELL COPPER AUG BELOW 293.50 SL 294.80 TGT 292.10-290.80-289.40.MCX
BUY COPPER AUG @ 286-287.50 SL 284.60 TGT 288.50-290.20-292.50. MCX

Posted by appleadvisory at 8/06/2009 01:01:00 AM

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