Copper settled at a 2-1/2-month low below 320 as investors continued to shun risk in the face of a stronger dollar and fears over the effects of tighter monetary policy in China. Inventories of copper stored in LME warehouses rose 1,575 metric tons, leaving them at 540,175.

The most recent Comex inventory data, released late Wednesday afternoon, were up 412 short tons at 103,160 short tons. Copper has touched a low of Rs 317.5 a kg after opening at Rs 330, and last traded at Rs318.3. For today market is looking for the support at 313.20, a break below could see a test of 308.20 and where as resistance is now likely to be seen at 327.50, a move above could see prices testing 336.70.

Trading Ideas:

Copper trading range is 310-325.

Copper settled lower on stronger dollar and fears over the effects of tighter monetary policy in China

Resistance for the copper is at 319.20 level and support is at 316.10 level.

Copper daily stock at Shanghai exchange came up by 974 tonnes.

SELL COPPER FEB @ 320 SL 322.60 TGT 318.60-317.20-315.40.MCX