Copper settled in positive zone on Saturday on some slight short covering after prices lowered Friday as weaker-than-expected U.S. jobs data increased concerns about the wider economy and demand for the industrial metal. Some warehouse stocks, which can be an indicator of demand, continue falling. Inventories of copper stored in LME warehouses fell 450 metric tons Friday, leaving them at 412,625. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly rise of 1,861 metric tons to 106,368. Copper has touched a low of Rs 340.95 a kg after opening at Rs 340.95, and last traded at Rs342.2.For today market is looking for the support at 341.2, a break below could see a test of 340.3 and where as resistance is now likely to be seen at 342.9, a move above could see prices testing 343.6.

Trading Ideas:

Copper trading range is 340.3-343.6.

Copper settled in positive zone on Saturday on some slight short covering

Copper looks to take support at 340.30 and resistance at 343.60.

Copper weekly stock at Shanghai exchange came up by 1681 tonnes.