Copper fell as military hostilities between North and South Korea and lingering worry about European sovereign debt sent investors into percieved safer investments. As a strike at Chilean copper mine Dona Ines de Collahuasi entered its 19th day on Tuesday, production remained normal because of a contingency plan. Inventories of copper stored in London Metal Exchange warehouses fell 950 metric tons Tuesday, leaving them at 358,050. The most recent Comex inventory data, released late Monday afternoon, were down 75 short tons at 73,071 short tons. Copper has touched a low of Rs 368.4 a kg after opening at Rs 375, and last traded at Rs373.85.For today market is looking for the support at 369.5, a break below could see a test of 365.2 and where as resistance is now likely to be seen at 377.1, a move above could see prices testing 380.4.

Trading Ideas:

Copper trading range is 365.2-380.4.

Copper prices yesterday retreats on Korea, Euro zone worries

Copper is taking resistance at 376.20 and support is seen at 370.80.

Copper daily stocks at Shanghai exchange came up by 977 tonnes.