Copper rose because of the dollar’s slump and signs that the economy is reviving in the U. S., the world’s second-largest consumer. LME metal stocks fell 975 tonnes to 509,650 tonnes, down from six and half year highs at 555,075 on Feb. 17. COMEX copper stocks held steady at 101,128 short tons as of Tuesday. Copper has touched a low of Rs 351.6 a kg after opening at Rs 353.3, and last traded at Rs352.25. For today market is looking for the support at 351.2, a break below could see a test of 350.1 and where as resistance is now likely to be seen at 353.8, a move above could see prices testing 355.4.

Trading Ideas:

Copper trading range is 350.1-355.4.

Copper gained as dollar’s slides and signs that the economy is reviving

Copper is getting resistance at 353.80 and support is at 351.20 level.

Copper daily stock at Shanghai exchange came up by 8407 tonnes.

BUY COPPER APR @ 350-351 SL 348.80 TGT 352.40-353.50-354.60.MCX