Copper retreated from a fresh record high as profit-taking pressures mounted in response to weak U. S. equities and another large build in London inventories. A worrisome trend in LME copper inventories since early December was another negative feature Wednesday. Copper stocks added another 3,825 tonnes, bringing total warehouse levels to 381,750 tonnes. Since Dec. 9 stocks have climbed over 32,000 tonnes, raising some concerns about waning demand. Copper yesterday traded with the negative node and settled -1.14% down at 441.35. Some pressure had been seen from the LME stock also which came up by 3825mt, the total stock at LME is now at 381750mt. In yesterday's trading session copper has touched the low of 440.1 after opening at 446.8, and finally settled at 441.35. For today's session market is looking to take support at 438.1, a break below could see a test of 434.8 and where as resistance is now likely to be seen at 446.7, a move above could see prices testing 452.1.

Trading Ideas:

Copper trading range is 434.8-452.1.

Copper retreated from a fresh record high as profit-taking pressures

Copper looks to have a support at 438.10 and resistance is at 443.60 level

Copper daily stocks at Shanghai exchange came down by 150 tonnes