Copper prices rose bolstered by a weaker dollar and a decline in inventories of the industrial metal. Copper stayed range-bound and are expected to remain so on continued uncertainty about the global economy. Inventories of copper stored in LME warehouses fell 1,850 metric tons Monday, leaving them at 406,700. The most recent Comex inventory data, released late Friday afternoon, showed that stockpiles at Comex warehouses were down 232 short tons at 97,387 short tons. Copper has touched a low of Rs 335.95 a kg after opening at Rs 335.95, and last traded at Rs338.4. For today market is looking for the support at 336.3, a break below could see a test of 334.1 and where as resistance is now likely to be seen at 340.2, a move above could see prices testing 342.

Trading Ideas:

Copper trading range is 334.1-342.

Copper prices rose bolstered by a weaker dollar and decline in inventories

Copper looks to take support at 336.30 and resistance at 340.20.

Copper daily stock at Shanghai exchange came up by 2027 tonnes.