Copper faltered as positive U.S. data and tighter Chinese monetary policy led participants to buy the dollar and book profits in the red metal. A smaller-than-expected rise in U.S. jobless claims kept the dollar higher and pressure on copper. Inventories of copper stored in LME warehouses rose 75 metric tons, leaving them at 507,475. The most recent Comex inventory data, released late Wednesday afternoon, were unchanged at 99,368 short tons. Copper has touched a low of Rs 345.5 a kg after opening at Rs 351.9, and last traded at Rs345.85.For today market is looking for the support at 343.30, a break below could see a test of 340.70 and where as resistance is now likely to be seen at 350.50, a move above could see prices testing 355.20.

Trading Ideas:

Copper trading range is 338-352.

Copper faltered as positive U.S. data and tighter Chinese monetary policy led to profit booking

Now copper is getting resistance at 349.60 and support at 343.40 level

Copper daily stock at Shanghai exchange came down by 149 tonnes.

SELL COPPER FEB @ 347-348 SL 351.20 TGT 345.80-344.20-343.40-341.50. MCX