Copper settled slightly higher, despite the U. S. dollar's rebound and profit-taking following the metal's strong prior-day gains. Strikers at Chile's Spence copper mine are ready to end a 35-day stoppage that has hit output if owner BHP Billiton accepts their new wage proposal, a union leader said. Inventories of copper stored in LME warehouses rose 3,550 metric tons, leaving them at 410,000.

The most recent Comex inventory data, released late Monday afternoon, were up 867 short tons at 71,542 short tons. For today market is looking for the support at 313.80, a break below could see a test of 311.20 and where as resistance is now likely to be seen at 318.20, a move above could see prices testing 320.00.

Trading Ideas:

COPPER TRADING RANGE IS 308-322.

COPPER SETTLED SLIGHTLY HIGHER FOLLOWING THE PRIOR-DAY GAINS

SELL COPPER NOV BELOW 316 SL 317.60 TGT 315.10-314.40-313.50. MCX

COPPER IS GETTING RES AT 317.80 SOME PULL BACK IS EXPECTED NEAR TO 312 LEVEL

STRIKERS AT CHILE'S SPENCE COPPER MINE ARE READY TO END A 35-DAY STOPPAGE

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