Copper prices rose tracking gains in equities even as the dollar firmed, a factor that usually weakens commodities. Copper prices were also boosted by speculation over an exchange-traded fund in the metal to be launched by ETF Securities. If successful, the launch could take more copper out of LME warehouses, where stocks have fallen by around a third since a six-year high in February. LME copper inventories currently stand at 370,450 tonnes, having fallen 575 tonnes at the last count. Copper has touched a low of Rs 370.25 a kg after opening at Rs 374.6, and last traded at Rs377.6.For today market is looking for the support at 372.6, a break below could see a test of 367.5 and where as resistance is now likely to be seen at 380.3, a move above could see prices testing 383.

Trading Ideas:

Copper trading range is 367.5-383.

Copper prices rose tracking gains in equities even as the dollar firmed

Copper is taking resistance at 380.3 and support is seen at 372.6.

Copper daily stocks at Shanghai exchange came up by 4788 tonnes.