Copper settled positive after the Fed's surprise discount rate hike announcement late Thursday. Participants' concerns about the potential bearish impact of the move on copper eased throughout the day, and the metal also got a boost as the euro gained against the dollar amid the return to an appetite for perceived riskier assets. Inventories of copper stored in LME-monitored warehouses fell 300 metric tons Friday, leaving them at 554,775.

The most recent Comex inventory data, released late Thursday afternoon, were unchanged at 104,464 short tons. Copper has touched a low of Rs 340.85 a kg after opening at Rs 341, and last traded at Rs341.5. For today market is looking for the support at 340.1, a break below could see a test of 338.7 and where as resistance is now likely to be seen at 343.7, a move above could see prices testing 345.8.343.7, a move above could see prices testing
345.8.

Trading Ideas:

Copper trading range is 338.7-345.8.

Copper traded positive after the Fed's surprise discount rate hike announcement.

Copper is having support at 339.80 and resistance for copper is at 343.40.

Copper jumped in Shanghai as much as 6.4%, as it resumed trading after the New Year holiday.

BUY COPPER FEB @ 337-338.50 SL 335.40 TGT 340.20-342.50-344.MCX