Copper shrugged off a higher dollar and a large inventory build to settle higher as a strike at one of the world's largest copper mines draws closer. The metal was also able to trade higher despite data showing inventories of copper stored in LME-monitored warehouses rose 10,025 metric tons, leaving them at 495,950.

The most recent Comex inventory data, released late Tuesday, were up 337 short tons at 98,823 short tons. Copper has touched a low of Rs 341.4 a kg after opening at Rs 341.7, and last traded at Rs344.65. For today market is looking for the support at 342.1, a break below could see a test of 339.55 and where as resistance is now likely to be seen at 346.5, a move above could see prices testing 348.35.

Trading Ideas:

Copper trading range is 335-352.

Copper settled higher as a strike at one of the world's largest copper mines draws closer

Copper is having support at 340.40 and resistance at 348.20.

Copper daily stock at Shanghai exchange came up by 12 tonnes

BUY COPPER FEB ABV 345 SL 343.20 TGT 346.20-347.50-348.80. MCX