Copper prices closed down on as concerns about swollen inventory levels weighed on sentiment and investor position-squaring picked up pace as the dollar extended its late-year rally. China's refined copper imports in November rose strongly from October to 194,388 metric tons, shrugging off market expectations of a seasonal slowdown as year-end hoarding and stimulus spending kept demand strong.

Inventories of copper stored in LME warehouses rose 1,450 metric tons, leaving them at 480,900. For today market is looking for the support at 322.55, a break below could see a test of 320.7 and where as resistance is now likely to be seen at 326.25, a move above could see prices testing 328.1.

Trading Ideas:

COPPER TRADING RANGE IS 317-330.

COPPER PRICES CLOSED DOWN ON CONCERNS ABOUT SWOLLEN INVENTORY LEVELS

CHINA'S COPPER IMPORTS IN NOVEMBER ROSE STRONGLY FROM OCTOBER TO 194,388 MT

COPPER MARKET HAD 3,000-TON SURPLUS IN SEPTEMBER

SELL COPPER FEB @ 325-325.50 SL 326.80 TGT 323.90-322.60-321. MCX