Copper prices faltered as participants booked profits and investors favored the perceived safety of the U.S. dollar over assets like metals that they consider riskier. In recent months, the metal has been trading along with equities and higher-yielding currencies as a risk play against the perceived safety of the U.S. dollar. Copper has touched a low of Rs 347.5 a kg after opening at Rs 353.55, and last traded at Rs350.95.For today market is looking for the support at 347.8, a break below could see a test of 344.6 and where as resistance is now likely to be seen at 353.8, a move above could see prices testing 356.7.

Trading Ideas:

Copper trading range is 344.6-356.7.

Copper prices faltered as participants favored the perceived safety of the U.S. dollar metals

Copper is getting resistance at 355.90 and support is at 353.20 level.

Copper daily stock at Shanghai exchange came up by 1122 tonnes.

SELL COPPER APR @ 353-354 SL 356.20 TGT 351.80-350.20-348.50.MCX