Copper prices ended nearly unchanged as an undercurrent of global macroeconomic concerns kept investors from returning to the risky commodity markets. Growing speculation that China will raise interest rates and Ireland will need a bailout have pushed copper prices lower this week. According to figures released by the World Bureau of Metal Statistics, the global refined copper market was in deficit by 112,000 tons in January to September. This compares with a 36,000-ton surplus in the first nine months of last year and a 410,000-ton surplus for all of 2009, it said. Copper has touched a low of Rs 367.7 a kg after opening at Rs 372.8, and last traded at Rs375.45.For today market is looking for the support at 368.8, a break below could see a test of 362.2 and where as resistance is now likely to be seen at 380.9, a move above could see prices testing 386.4.

Trading Ideas:

Copper trading range is 362.2-386.4.

Copper prices ended nearly unchanged as global economic concerns kept investors away from markets

Copper is taking resistance at 378.20 and support is seen at 372.20.

Copper daily stocks at Shanghai exchange came down by 674 tonnes.