UPDATE

UPDATE FOR 30SEPTEMBER


Copper tumbled to an 18-month low, heading for its worst

quarter on record, on concern that a spreading financial crisis

will stifle global growth and slash metals demand.


Lawmakers in the U.S. House of Representatives yesterday

rejected a $700 billion financial rescue plan aimed at loosening

clogged credit markets. The vote eroded investor confidence and

borrowing costs jumped. Copper has plunged 26 percent this quarter,

the biggest drop since at least 1989, as bank failures and a credit

crunch crimped global growth, curbing demand.


``The markets are trying to figure out what all this means for the

economy and the outlook for demand,'' said Ron Goodis, a futures-trading

director at Equidex Brokerage Group Inc. in Closter, New Jersey.

``Copper will probably continue to fall down this treacherous path

because of the economic crisis.''


Copper futures for December delivery sank 3.8 cents, or 1.3 percent,

to $2.8685 a pound at 11:55 a.m. on the Comex division of the

New York Mercantile Exchange. Earlier, the metal touched $2.765, the

lowest since March 12, 2007.


This quarter's drop is the first for the metal this year. Copper has

declined 15 percent in September, the largest monthly decline since


June 1996. The losses follow the metal's 28 percent surge in the

first half of the year, touching a record $4.2605 a pound on May 5.


``Everything for copper is pointing down right now,'' Goodis said.

``Sentiment in this market has really swung around. We saw a great

performance earlier, and now it's made a huge run down. Copper has

really shown that there is no support left for it in this market.''

Housing Slump
Copper has tumbled as the U.S. housing slump has deepened. Builders

are the biggest users of the metal, accounting for about 46 percent of

demand, according to the Copper Development Association.


Home prices in 20 U.S. cities dropped 16 percent in July, the fastest

pace on record, signaling the worst housing recession in a generation

hadn't found a bottom even before the failure of banks and the

government takeover of mortgage financiers Freddie Mac and

Fannie Mae this month, an industry report showed today.


``The outlook for base metals does not look promising going forward,'

' Edward Meir, an analyst at MF Global in Darien, Connecticut, said

today in a report. A global ``synchronized slowdown'' will not be

``a conducive backdrop for commodities to thrive in, and we suspect that

we could see much lower prices.''


On the London Metal Exchange, copper for delivery in three

months dropped $70, or 1.1 percent, to $6,370 a metric ton ($2.89 a pound).


Copper will average $5,000 a metric ton in the first quarter and


betting against the metal is one of the lowest-risk trades in

commodities right now, Barclays Capital said.


Demand for the metal including in China, the world's largest

consumer, is ``very soft,'' London-based Barclays analyst

Kevin Norrish said today in a report.

UPDATES ON OCT 1 2008

OCT 1 WEDNESDAY

COPPER

Copper tumbled to an 18-month low, heading for its worst

quarter on record, on concern that a spreading financial

crisis will stifle global growth and slash metals demand.

Copper futures for December delivery sank 3.8 cents, or

1.3 percent, to $2.8685 a pound at 11:55 a.m. on the Comex

division of the New York Mercantile Exchange. Earlier, the

metal touched $2.765, the lowest since March 12, 2007.

Copper has tumbled as the U.S. housing slump has deepened.

Builders are the biggest users of the metal, accounting for

about 46 percent of demand, according to the Copper

Development Association.

On the London Metal Exchange, copper for delivery in three

months dropped $70, or 1.1 percent, to $6,370 a metric ton

($2.89 a pound).

ALUMINIUM

Aluminium was the only base metal in the positive territory

despite a big jump in the inventory levels over the past few weks.

Aluminium has support at $ 2400 and resistence at $ 2600.

Aluminium has support at $ 2400 and resistence at $ 2600.

NICKEL

Nickel tumbled to its lowest level since April 2006

and was last at $ 15999 a tonne versus % 16400 on Monday.

Nickel has support at $ 15500 and resistence at $ 18000.

LEAD

Lead fell to $ 1775 / 1790 versus $ 1830.

Zinc

Zinc fell to its six week low before bouncing back to

$ 1775 /1790 .It has support at $ 1700 and resistence at

$ 1900.

SEPT 30 TUESDAY

COPPER

A further slew of global financial woes coming

to light on Monday morning did little to lend support

to the Londoan Metal Exchange Base metal complex

which saw prices drift down across the board.

Early trade on Monday witnessed a flurry of selling

activity.

A firm dollar dragged down base metal prices on Monday

with copper prices touching a 9 month low as

investors awaited a vote by the US Congress on

the creation of a $ 700 billion government fund to

buy bad debt.

Copper for delivery in 3 months on the London Metal

Exchange was untraded in official rings but quoted at

$ 6550 / 555 a tonne compared with $ 6775 at the close

on Friday.

LEAD

Lead fell more than 5 % to a low of $ 1836a tonne .

It was quoted at $ 1855 / 1860 from $ 1960 on

Friday.

ZINC

Three month Zinc touched $ 1695 a tonne , down

nearly 5 % .It traded at $ 1707 from $ 1770.

NICKEL

Nickel traded at $ 16700 from $ 17000.

ALUMINIUM

Aluminium stocks continue to rise up 2300 tonnes ,

climbing above 1.37 million tonnes for the first

time since early 2004 , enough for 13 days of

world consumption.

Aluminium traded at $ 2460 from $ 2494.

Analyst assessment of weak chinese demand growth

particularly in the domestic housing and auto industries

and across the wider export sextor also weighed on

the market.

UPDATE

UPDATE FOR SEPTEMBER 29

Bank crisis, strong U.S. dollar knock down metals.Copper falls

further after rejection of bailout plan* Aluminium at nine-month

low, lead tumbles 6 percent* CTA selling and firm U.S. dollar

push commodities lower.Copper falls further after rejection of

bailout plan* Aluminium at nine-month low, lead tumbles

6 percent* CTA selling and firm U.S. dollar push commodities

lowerIndustrial metals ran intoadditional liquidation in after-hours

tradeon Monday after aproposed $700 billion financial rescue

packagewas rejected by U.S.lawmakers. The House of Representatives

rejected by a vote of 228-205 a WallStreet bailout bill that would

have authorized the TreasuryDepartment to spend up to

$700 billion to purchase toxic mortgage-backed bonds from

banks in an effort to jump-start stalled capital markets.Copper

for delivery in three months MCU3 on the London MetalExchange

closed down $335 at $6,440 per tonne. After-hours, the metal

fell as low as $6,349.50, its lowest level sincemid-December

2007. In New York, copper for Decemberdelivery HGZ8 plunged

16.80cents, or 5.5 percent, to finishthe session at $2.9065 a lb on

the New York Mercantile Exchange'sCOMEX division. In electronic

business, the contract fell to an18-month low at $2.8530.

LME UPDATE

LME INVENTORY UPDATE FOR 29 SEPTEMBER

COPPER DOWN 1250 MT

LEAD DOWN 1175 MT

ZINC DOWN 1125 MT

ALLUMINIUM UP 2200 MT

NICKEL UP 1254 MT