Copper prices fell after a report showed an unexpected drop in U.S. home-sale agreements, spurring concern that demand from builders will remain weak. LME copper warehouse stocks tumbled 6,350 tonnes to 544,225 tonnes. COMEX copper stocks lost 99 short tons to 102,255 short tons as of Wednesday. Copper has touched a low of Rs 339 a kg after opening at Rs 345.1, and last traded at Rs341.05.For today market is looking for the support at 337.7, a break below could see a test of 334.4 and where as resistance is now likely to be seen at 345.7, a move above could see prices testing 345.7, a move above could see prices testing 350.4.

Trading Ideas:

Copper trading range is 334.4-350.4.

Copper extends declines after US home sales drop unexpectedly

Copper is getting resistance at 342.80 and support is at 339.60 level.

Copper daily stock at Shanghai exchange came up by 125 tonnes.

BUY COPPER APR ABOVE 342 SL 338.90 TGT 343.20-344.70-346-348.MCX