Copper futures closed higher briefly crossing the $3 per lb mark, on the back of a weaker dollar, but debt default fears in Europe and expected lower demand in China could still drag prices down. Copper yesterday traded with the positive node and settled 2% up at 307.05. Some support had been seen from the LME stock also which came up by -50mt, the total stock at LME is now at 541050mt. In yesterday's trading session copper has touched the low of 300.6 after opening at 300.9, and finally settled at 307.05. For today's session market is looking to take support at 302.4, a break below could see a test of 297.8 and where as resistance is now likely to be seen at 309.8, a move above could see prices testing 312.6.

Trading Ideas:

Copper trading range is 297.8-312.6.

Copper bounced on $ weakness, but expected lower demand in China could still drag prices down.

Copper futures slid around 6% last week on concerns over the fiscal health of Greece and other euro zone

Copper getting resistance at 309.60 and important support level will be at 296 level.

BUY COPPER @ 306.20 SL 305 TGT 307.20-308.20-309. MCX