Copper settled firm in anticipation of higher prices as demand continues to strengthen. Inventories of copper stored in LME warehouses fell 75 metric tons Monday, leaving them at 362,700. The most recent Comex inventory data, released late Friday afternoon, were down 50 short tons at 74,285 short tons. The positive sentiment helped copper gain in spite of a stronger dollar and a New York Federal Reserve survey showing conditions for manufacturers in the New York area deteriorated sharply in November. Copper has touched a low of Rs 384 a kg after opening at Rs 389.65, and last traded at Rs391.8. For today market is looking for the support at 386.2, a break below could see a test of 380.7 and where as resistance is now likely to be seen at 395.1, a move above could see prices testing 398.5.

Trading Ideas:

Copper trading range is 380.7-398.5.

Copper settled firm in anticipation of higher prices as demand continues to strengthen

Copper is taking resistance at 393.80 and support is seen at 389.20.

Copper daily stocks at Shanghai exchange came down by 326 tonnes.