Copper declined slightly as participants booked profits from the previous session's gains. A strike threat at one of the world's biggest copper mines gave an initial impetus to copper, although traders attributed the strong performance to end-of-year fund buying. Inventories of copper stored in LME warehouses rose 1,125 metric tons, leaving them at 485,925.

The most recent Comex inventory data, released late Monday afternoon, were unchanged at 98,486 short tons. For today market is looking for the support at 339.25, a break below could see a test of 337.45 and where as resistance is now likely to be seen at 342.8, a move above could see prices testing 344.55.

Trading Ideas:

Copper trading range is 330-350.

Copper declined slightly as participants booked profits from the previous session's gains

Strike threat at one of the world's biggest copper mines gave an initial impetus to copper

Copper daily stock at Shanghai exchange came down by -200 tonnes.

BUY COPPER FEB @ 340-341 SL 338 TGT 342.20-344.50-345.90. MCX