Copper yesterday jumped in the late session erasiging all the fall since morning on signs of a recovery in demand as better-than- expected earnings results boosted equity markets and refined imports into China. But Shanghai futures were expected to open flat to softer, in part weighed down by fears about the fraud case against Goldman Sachs and comments from BHP Billiton that it had uncovered evidence of corruption and that the SEC had requested more information from the big miner took a backseat. In addition to this the market is also worried that China may be oversupplied with copper after imports in March jumped by more than 50 percent to almost 340,000 tonnes. Copper has touched a low of Rs 341.5 a kg after opening at Rs 344.8, and last traded at Rs345.8.For today market is looking for the support at 342.6, a break below could see a test of 339.4 and where as resistance is now likely to be seen at 347.9, a move above could see prices testing 349.9.

Trading Ideas:

Copper trading range is 339.4-349.9.

Copper ended higher on bullish Chinese import figures

Copper is getting resistance at 347.90 and support is at 342.60 level.

Copper daily stock at Shanghai exchange came down by -1448 tonnes.

SELL COPPER APR 346 SL 347.80 TGT 344.80-343.50-341.MCX