Commodity Outlook for Copper by KediaCommodity

CopperCopper continued their rally amid positive economic sentiment and further warehouse inventory declines. Inventories of copper stored in LME warehouses fell 625 metric tons, leaving them at 514,900. The most recent Comex inventory data, released late Monday afternoon, were down 110 short tons at 101,336 short tons. Copper has touched a low of Rs 348.05 a kg after opening at Rs 350, and last traded at Rs353.55.For today market is looking for the support at 349.2, a break below could see a test of 344.9 and where as resistance is now likely to be seen at 356.7, a move above could see prices testing 359.8.

Trading Ideas:

Copper trading range is 344.9-359.8.

Copper continued their rally amid positive economic sentiment and decline in inventories

Copper is getting resistance at 354.90 and support is at 352.10 level.

Copper daily stock at Shanghai exchange came up by 525 tonnes.

BUY COPPER APR @ 350 SL 348 TGT 352.50-354.60-356.MCX