Copper retreated as investors fretted about demand for the industrial metal after an unexpected rise in U.S. jobless claims and amid jitters about China's banking and property sectors. In recent weeks, as fears about global economic health have eased, copper prices have climbed sharply. They're now at levels that may be beyond what actual use of the metal would support. Inventories of copper stored in LME warehouses fell 875 metric tons Thursday, leaving them at 413,075. The most recent Comex inventory data, released late Wednesday afternoon, were down 181 short tons at 100,438 short tons. For today market is looking for the support at 338.5, a break below could see a test of 335.4 and where as resistance is now likely to be seen at 345.1, a move above could see prices testing 348.7.

Trading Ideas:

Copper trading range is 335.4-348.7.

Copper yesterday ended lower on demand concerns

Copper looks to take support at 338.50 and resistance at 343.80.

Copper daily stock at Shanghai exchange came down by -50 tonnes.