MARKET UPDATE

MARKET UPDATE FOR 20 AUGUST, 2008

U.S. copper futures ended lower on Wednesday in sympathy with

a negative reversal in crude oil and under pressure from renewed

strength in the U.S. dollar, traders said.

* Copper for September delivery HGU8 settled down 3.15

cents at $3.3970 a lb on the New York Mercantile

Exchange's COMEX division.




* The session range ran from $3.3605 to $3.4845, the contract's

loftiest level since Aug. 4.
*
Technicians see initial resistance in September copper at $3.45,

followed by $3.4750, and then $3.50. Support seen at around

$3.25 and then at last week's low at $3.2185.

* COMEX estimated final futures volume at 18,201 lots, down

from Tuesday's final count at 28,631 lots.

* Open interest fell by 285 lots to 94,900 open contracts

as of Aug. 19.

* Copper relinquishes its early bullish momentum in tandem

with the crude oil, which turned lower after weekly

inventory data showed a larger-than-expected build

in crude stocks