Copper ended higher but backed away from day highs tracking a late stumble in U. S. equity markets, as concerns about global demand prospects continued to hold price momentum in check. Copper demand in the main consuming regions outside China is improving but will not recover to levels seen before the global downturn until 2011 or 2012, the International Wrought Copper Council said. Copper has touched a low of Rs 305.5 a kg after opening at Rs 305.6, and last traded at Rs 309.75. For today market is looking for the support at 305.4, a break below could see a test of 301.1 and where as resistance is now likely to be seen at 314.2, a move above could see prices testing 318.7.

Trading Ideas:

Copper trading range is 301.1-318.7.

Copper backs away from day highs on economic worries

Copper looks to take support at 308.20 and resistance at 311.40.

Copper daily stock at Shanghai exchange came down by -450 tonnes.

SELL COPPER AUG @ 310-311 SL 314.5 TGT 308.70-307-305.60.MCX