Copper settled positive as investors continued to switch from dollars to metals amid fears of further quantitative easing and concerns about inflation. Russia exported 314,000 metric tons of copper in January to August, 0.7% more than in January to August 2009, the federal customs service reported. LME warehouse stocks edged up 25 tonnes to 374,125 tonnes on Wednesday. COMEX copper warehouse stocks dropped 300 short tons to 83,887 short tons as of Tuesday. Copper has touched a low of Rs 366.35 a kg after opening at Rs 366.6, and last traded at Rs367.05.For today market is looking for the support at 365.4, a break below could see a test of 363.7 and where as resistance is now likely to be seen at 369.7, a move above could see prices testing 372.3.

Trading Ideas:

Copper trading range is 363.7-372.3.

Copper settled positive as investors continued to switch from dollars to metals

Goldman raised its 3, 6 and 12-month copper forecasts to $8,500 a tonne, and $11,000 a tonne.

Russia Jan-Aug copper exports up 0.7% on year at 314,000 tons