Copper steadied below highs bucking the negative impact of a stronger dollar, as investors bought the industrial metal as an inflation hedge and amid concerns over supply tightness. Meanwhile, copper output at Chilean copper mine Dona Ines de Collahuasi remained normal as a labor strike at the mine enters its fourth day. The 1,551 unionized employees at the mine went on strike early Friday after government-mediated talks fell through. Inventories of copper stored in London Metal Exchange warehouses fell 1,150 metric tons Monday, leaving them at 365,200. For today market is looking for the support at 385.8, a break below could see a test of 383.4 and where as resistance is now likely to be seen at 389.6, a move above could see prices testing 391.

Trading Ideas:

Copper trading range is 383.4-391.

Copper steadied below highs bucking the negative impact of a stronger dollar

Copper is taking resistance at 289.60 and support is seen at 386.80.

Copper daily stocks at Shanghai exchange came up by 1126 tonnes.