Copper settled at their lowest levels in nearly three weeks, as rising inventories and fears about mounting debt issues around the world limited investor risk exposure and continued to buoy the safe-haven status of the dollar. London copper warehouse stocks surged 5,200 tonnes to 458,500 tonnes on Wednesday to their highest level since April.

COMEX copper warehouse stocks went up 726 short tons to 90,520 short tons as of Tuesday. Copper has touched a low of Rs 321.4 a kg after opening at Rs 327, and last traded at Rs322.15. For today market is looking for the support at 319.5, a break below could see a test of 316.85 and where as resistance is now likely to be seen at 326.7, a move above could see prices testing 331.25.

Trading Ideas:

COPPER TRADING RANGE IS 310-335.

COPPER SETTLED DOWN DUE TO RISING INVENTORIES AND FEARS ABOUT MOUNTING DEBT ISSUES

SELL COPPER FEB @ 322-323 SL 325.60 TGT 320.80-319.40-318-316.80. MCX

SELL COPPER @ 328-330 SL 334.60 TGT 324.60-321.80-316.50-313.20. MCX (WEEKLY CALL)

COPPER DAILY STOCK AT SHANGHAI EXCHANGE CAME UP BY 100 TONNES