Copper prices ended sharply lower as the dollar rose and U.S. equity markets fell after President Barack Obama proposed rules aimed at reducing risky trading at banks. Weak demand for copper outside China was highlighted by a jump of copper stocks in LME warehouses of 8,000 tonnes to 534,650 tonnes, the highest total since February last year. Copper has touched a low of Rs 335 a kg after opening at Rs 342.4, and last traded at Rs336.25.For today market is looking for the support at 332.40, a break below could see a test of 328.60 and where as resistance is now likely to be seen at 342.50, a move above could see prices testing 348.80.

Trading Ideas:

Copper trading range is 328-342.

Copper prices ended sharply lower as the dollar rose and U.S. equity markets fell

Resistance for the copper is at 337.80 level and support is at 334.90 level.

Copper daily stock at Shanghai exchange came down by -1426 tonnes.

SELL COPPER FEB @ 336 SL 338.40 TGT 335-333.80-332.MCX