Copper yesterday traded with the positive node and settled 1.54% up at 343.55. Expectations of strong physical demand and a weaker dollar drove copper prices to a one-week high, despite growing doubts about economic growth prospects in the US.  

With a more than 20% gain since the beginning of June, in London benchmark copper closed up $132 at $7,382 a tonne, As of Aug. 16, stocks of copper in LME warehouses stood at 405,025 tonnes, down about 27% since mid-February. Canceled copper warrants material already tagged for delivery stand at 6.75% of total stocks, up from around 5.5% a week ago, another indication of stronger demand. In yesterday's trading session copper has touched the low of 337.85 after opening at 338, and finally settled at 343.55. For today's session market is looking to take support at 339.5, a break below could see a test of 335.5 and whereas resistance is now likely to be seen at
345.9, a move above could see prices testing 348.2.      

Trading Ideas:

Copper trading range is 333.8-346.5.

Copper firm as expectations of strong demand and a weaker $ drove copper prices.

Copper stocks on the LME will fall below the 4lakh tn mark for the first time since Nov 2009.

Copper looks to take support at 339.60 and resistance at 345.20.

BUY COPPER AUG @ 342 SL 340 TGT 344.20-345.60-347.MCX

YESTERDAY LME STOCK FOR COPPER CAME Down  BY -1675