Commodity Outlook for Copper by KediaCommodity

CopperCopper ended positive as a weaker dollar and investor sentiment towards growing metal demand outweighed a disappointing U. S. employment report. Warehouse inventories of the metal have been falling, and nearby prices have become more expensive than those for later delivery.

The tightness appears to be mainly due to a single trader holding between 50% and 80% of total LME stocks. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly decline of 5,815 metric tons to 116,797. Inventories of copper stored in LME warehouses rose 1,200 metric tons Friday, leaving them at 353,625.

Copper has touched a low of Rs 399 a kg after opening at Rs 399, and last traded at Rs400.15. For today market is looking for the support at 399.3, a break below could see a test of 398.4 and where as resistance is now likely to be seen at 400.8, a move above could see prices testing 401.4. Trading Ideas: Copper trading range is 398.4-401.4. Copper ended the week positive on weak dollar Copper is taking resistance at 402.80 and support is seen at
397.80. Copper weekly stocks at Shanghai exchange came down by 5815 tonnes.