Copper closed higher buoyed by a weaker dollar and chart-based buying that pushed prices up but mixed labor and manufacturing data sapped a portion of the earlier momentum. LME copper warehouse stocks dropped 2,350 tonnes to 387,150 tonnes, their lowest level since November. Stocks have fallen more than 150,000 tonnes since mid-February. COMEX copper warehouse stocks fell by 675 short tons to 90,849 short tons as of Wednesday. Copper has touched a low of Rs 352.25 a kg after opening at Rs 353.95, and last traded at Rs355.7. For today market is looking for the support at 352.8, a break below could see a test of 349.8 and where as resistance is now likely to be seen at 358.2, a move above could see prices testing 360.6.

Trading Ideas:

Copper trading range is 349.8-360.6.

Copper closed higher buoyed by a weaker dollar and chart-based buying

Copper looks to take support at 352.80 and resistance at 358.20.

Copper daily stock at Shanghai exchange came up by 3531 tonnes.