Copper settled flat Saturday after falling Friday as prices were pressured by continued concerns about the resilience of the economic recovery. Inventories of copper stored in LME warehouses fell 1,800 metric tons, leaving them at 401,725. The most recent Comex inventory data, released late Thursday afternoon, showed that stockpiles at Comex warehouses were down 132 short tons at 96,506 short tons. Once-a-week data released Fridays by the Shanghai Futures Exchange showed a weekly decline of 3,449 metric tons, to 110,371. For today market is looking for the support at 339.1, a break below could see a test of 338.8 and where as resistance is now likely to be seen at 339.6, a move above could see prices testing 339.9.

Trading Ideas:

Copper trading range is 338.8-339.9.

Copper settled flat Saturday after falling Friday as prices were pressured by economic recovery

Copper looks to take support at 337.80 and resistance at 341.20.

Copper weekly stock at Shanghai exchange came down by -3499 tonnes.