Copper settled flat as extended losses in the dollar and a firmer tone in equity markets fed the gains and kept prices bumping along the upper end of the range, despite persistent demand concerns from rising inventories. Inventories of copper stored in London Metal Exchange warehouses rose 1,500 metric tons Friday, leaving them at 403,625. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly rise of 664 metric tons to 104,939. For today market is looking for the support at 303.70, a break below could see a test of 303.50 and where as resistance is now likely to be seen at 304.00, a move above could see prices testing 304.20.

Trading Ideas:

COPPER TRADING RANGE IS 296-312.

COPPER SETTLED DOWN LAST WEEK AS EXTENDED LOSSES IN THE DOLLAR

BUY COPPER NOV @ 304-305 SL 302.60 TGT 306.40-307.50-308.20.MCX

COPPER IS GETTING RES AT 305.20 ABOVE THIS NEXT RES IS AT 306.80-308.40.

SELLING PRESSURE CAN BE SEEN IN COPPER NEAR TO 308-309 LEVEL

YESTERDAY LME STOCK FOR COPPER CAME Up BY 1500

Commodity Analysis by Kedia Commodity, India's Premium Research House,
Mumbai. Check out more commodity reviews at KediaCommodity. com