Copper turned lower as a free-falling euro and intensifying fears of contagion in the euro zone debt crisis increased risk aversion. The Shanghai-LME arbitrage window widened slightly from the previous close to 699 yuan at Shanghai's close. Copper has touched a low of Rs 310.8 a kg after opening at Rs 316, and last traded at Rs314.7.For today market is looking for the support at 310.5, a break below could see a test of 306.3 and where as resistance is now likely to be seen at 319.2, a move above could see prices testing 323.6.

Trading Ideas:

Copper trading range is 306.3-323.6.

Copper turned lower due to free-falling euro and intensifying fears of contagion in euro zone

Copper is getting resistance at 316.20 and support is at 313.30 level.

Copper daily stock at Shanghai exchange came down by -3603 tonnes.

SELL COPPER JUNE @ 316 SL 318 TGT 314.80-313.50-312.MCX