Copper ended down after a Fitch downgrade of Spain's credit ratings revived concerns about the European debt crisis, and its impact on the economic recovery. Meanwhile, in an indicator of demand, inventories of copper stored in London LME-monitored warehouses fell 1,050 metric tons Friday, leaving them at 476,725.

Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly decline of 10,091 metric tons to 157,698. Copper has touched a low of Rs 320.65 a kg after opening at Rs 320.65, and last traded at Rs321.05. For today market is looking for the support at 320.7, a break below could see a test of 320.3 and where as resistance is now likely to be seen at 321.4, a move above could see prices testing 321.8.

Trading Ideas:

Copper trading range is 320.3-321.8.

Copper ended down after a Fitch downgrade of Spain's credit ratings

Copper is getting resistance at 322.80 and support is at 319.80 level.

Copper weekly stock at Shanghai exchange came down by -10091 tonnes.

BUY COPPER @ 321-322 SL 319.80 TGT 323.50-324.80-325.60.MCX