Copper ended steady as the U. S. dollar advanced, U. S. stocks faltered and demand concerns weighed on the metal. Copper inventories continue to rise, putting price pressure on the red metal. Inventories of copper stored in LME warehouses rose 6,450 metric tons, leaving them at 420,550. The most recent Comex inventory data, released late Wednesday, were up 1,605 short tons at 74,732 short tons. Copper has touched a low of Rs 315.7 a kg after opening at Rs 317.25, and last traded at Rs317.3. For today market is looking for the support at 315.30, a break below could see a test of 313.40 and where as resistance is now likely to be seen at 319.50, a move above could see prices testing 321.80.

Trading Ideas:

COPPER TRADING RANGE IS 310-325.

COPPER ENDED STEADY AS THE U. S. DOLLAR ADVANCED AND DEMAND CONCERNS WEIGHED

BUY COPPER NOV @ 317-317.50 SL 315.80 TGT 318.30-319.80-321.40.MCX

COPPER IS GETTING RES AT 318.60 ABOVE THIS NEXT RES IS AT 320.20-322.40.

COPPER MARKET IN 58,000-TONNES DEFICIT IN JAN-SEPT - WBMS

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