Copper climbed higher on the prospect of rising demand from the U.S. construction sector. The jump in copper accompanied a rise in prices for several industrial commodities, such as crude oil, natural gas and some precious metals. Prices have been supported by declining inventories and the widely held view that global supplies of copper will tighten if demand picks up as expected in the coming year. Stocks of copper in LME-monitored warehouses are down more than 6.6% in July. Copper has touched a low of Rs 308.9 a kg after opening at Rs 308.9, and last traded at Rs314.25.For today market is looking for the support at 310.5, a break below could see a test of 306.8 and where as resistance is now likely to be seen at 316.4, a move above could see prices testing 318.6.

Trading Ideas:

Copper trading range is 306.8-318.6.

Copper climbed higher on the prospect of rising demand from U.S. construction sector

Copper looks to take support at 312.50 and resistance at 316.40.

Copper daily stock at Shanghai exchange came down by -3479 tonnes.