Copper closed higher as the dollar weakened and equity indexes rose after U.S. Federal Reserve chairman Ben Bernanke reassured markets that the Fed would keep interest rates low. LME copper warehouse stocks fell by 1,650 tonnes to 552,675 tonnes, but remained near levels last seen since Oct. 2003.  Copper imports by China, the world’s largest consumer, fell for the first time in three months in January as domestic supplies improved and seasonal demand slowed. For today market is looking for the support at 325.5, a break below could see a test of 320.8 and where as resistance is now likely to be seen at 333.1, a move above could see prices testing 336.1.333.1, a move above could see prices testing 336.1.

Trading Ideas:

Copper trading range is 320.8-336.1.

Copper closed higher as the dollar weakened and equity indexes rose

China’s imports of refined copper in January were 196,926 metric tons.

Copper daily stock at Shanghai exchange came up by 624 tonnes.

SELL COPPER @ 330-331 SL 333.40 TGT 327.80-326.50-324.20.MCX