Copper gained slightly as sentiment about global growth prospects continued to recover. Copper got a boost along with equities after the Labor Department said initial claims for jobless benefits fell by 3,000 to 456,000 the week ended June 5. Inventories of copper stored in LME warehouses fell 1,775 metric tons Thursday, leaving them at 466,400. The most recent Comex inventory data, released late Wednesday afternoon, were unchanged at 102,110 short tons. Copper has touched a low of Rs 294.8 a kg after opening at Rs 296, and last traded at Rs297.7.For today market is looking for the support at 294.5, a break below could see a test of 291.3 and where as resistance is now likely to be seen at 301.2, a move above could see prices testing 304.7.

Trading Ideas:

Copper trading range is 291.3-304.7.

Copper gained slightly as sentiment about global growth prospects continued to recover

Copper looks to take support at 295.20 and resistance at 299.80

Copper daily stock at Shanghai exchange came down by -874 tonnes.

SELL COPPER JUNE @ 298-299 SL 300.40 TGT 296.80-294.50-293.40.MCX