Copper rose as rising investor demand for commodities and strong Chinese car-sales data pushed prices higher. Soaring investor demand for copper futures sent prices rallying amid a market-wide commodity-price boom. Copper’s tight physical market balance is also supporting record-high prices. Some support came from a strike by union workers at Chile's Collahuasi, which headed into a fifth day with no sign of resolution. Copper inventories at London Metal Exchange-approved warehouses, considered an indicator of global demand, fell 325 metric tons Tuesday to total 364,875 metric tons. The most recently available data for Comex copper stocks, published late Monday afternoon, showed inventories fell 129 tons to total 74,580 tons. For today market is looking for the support at 390.5, a break below could see a test of 385.2 and where as resistance is now likely to be seen at 398.6, a move above could see prices testing 401.5.

Trading Ideas:

Copper trading range is 385.2-401.5.

Copper rose as rising investor demand for commodities pushed prices higher

Copper is taking resistance at 398.60 and support is seen at 392.60.

Copper daily stocks at Shanghai exchange came up by 1008 tonnes.