metals out look-10-08-09

copper:

** Copper jumped as participants bought back previously sold positions
after U.S. payrolls data came in stronger than expected. Inventories of
copper stored in LME warehouses rose 7,750 metric tons Friday, leaving
them at 292,125.

The most recent Comex inventory data, released late Thursday afternoon,
were up 137 short tons at 54,205 short tons. Weekly data released Friday
by the Shanghai stock showed a weekly rise of 12,299 metric tons to 63,434.

For today market is looking for the support at 292.90, a break below
could see a test of 292.50 and where as resistance is now likely to be
seen at 293.50, a move above could see prices testing 293.70.

*Trading Ideas:*
COPPER TRADING RANGE IS 278-310.
COPPER ENDED HIGHER AFTER PAYROLLS DATA CAME IN STRONGER THAN EXPECTED
BUY COPPER AUG @ 287-288 SL 285.90 TGT 290-291.40-292.80. MCX
NOW SUP IS AT 291.20 BELOW THIS LOOKS TILL 284-286 LVL

nickle:**

**Nickel has touched a low of Rs 931.8 a kg after opening at Rs
.932, and last traded at Rs 935.3.For today market is looking for
the support at 932.80, a break below could see a test of 930.30 and
where as resistance is now likely to be seen at 936.70, a move above
could see prices testing 938.10.

*Trading Ideas:
*NICKEL TRADING RANGE IS 895-975.
NICKEL YESTERDAY ENDED HIGHER ON BETTER THAN EXPECTED PAYROLL DATA. BUY
NICKEL @ 920-924 SL 914.80 TGT 928.40-931.20-936.50-92.20.MCX IMP
SUPPORT IS AT 924 BELOW THIS WE CAN TGT 918-913.50-908.20.MCX NICKEL IS
GETTING RES IS AT 942.20 ABV THIS A JUMP CAN BE SEEN AGAIN TILL 950-960 LVL.

zinc:**

**Zinc yesterday we have seen that market has moved -0.11%. Market has
opened at 89.5 & made a low of 89.35 versus the day high of 89.6. The
total volume for the day was at 258 lots and the open interest was at
2756.

Now support for the zinc is seen at 89.30 and below could see a test of
89.20. Resistance is now likely to be seen at 89.60, a move above could
see prices testing 89.70.

*Trading Ideas:*
ZINC TRADING RANGE IS 78-100.
CHINA ZINC OUTPUT TO HIT RECORD IN Q3
SELL ZINC AUG @ 90-90.50 SL 91.60 TGT 89.20-88.10.MCX
BUY ZINC @ 87-87.50 SL 85.80 TGT 90.MCX
A DIP TOWARDS 84 LVL IS GOOD BUYING LVL TARGETING 88 MARK AGAIN