UPDATES ON JULY 23

JULY 23 WEDNESDAY

SHORT TERM TREND : BULLISH: TARGET RS 95.60

LONG TERM TREND : BEARISH : TARGET RS 65

S1 RS 90.40, S2 RS 88.20, S3 RS 86

R1 RS 93.60, R2 RS 95.60, R3 RS 97.60

PREFER INTRADAY LONG AT RS 91.60 TO 91.40

STOP LOSS RS 90

TARGET RS 93.60

Lead Climbs to 2-Month High in London as China Exports Slump .

Lead rose to a two-month high in London as exports from China,

the world's largest producer, slumped and metal stockpiles

dropped. Copper and zinc also rose.

Lead has advanced 19 percent this month, the best performer

on the London Metal Exchange, as China shipped 31,456

metric tons of refined lead overseas in the first half, an

80 percent decline from a year earlier, according to

customs data published today. Stockpiles tracked by

the London Metal Exchange have fallen 10 percent in

July to a five-week low.

``The lead market is quite tight in terms of inventories,''

Dan Smith, a metals analyst at Standard Chartered Plc in

London, said today by phone. Demand for the metal has

also held up well during the global economic slowdown, he said.

The contract for delivery in three months rose $87, or 4.2 percent,

to $2,137 a ton as of 12:17 p.m. local time, paring this year's loss

to 16 percent. That was also the highest intraday price since May 22.

Investors and traders are increasing bets on price gains as open

interest, or the number of outstanding contracts, has soared

17 percent this month, touching a record of 87,890 contracts

July 17. The metal was in an oversupply of 11,000 tons in the

first five months of the year, according to the Ware,

England-based World Bureau of Metal Statistics.

China's lead exports declined after the nation imposed an

export tax in June 2007. Boliden AB said yesterday

production of lead and zinc at its Tara mine in Ireland will

extend decline in six to nine months.