Commodity Outlook for Copper by KediaCommodity

CopperCopper ended down but recovered most of its losses as talk of further monetary easing in the United States and growing perceptions of an undersupplied physical market underscored the metal's tightening fundamental balance. In general stocks of copper at LME warehouses have declined since February, indicating a pick-up in demand and against a backdrop of tight supply.  The strike at Chilean copper mine Dona Ines de Collahuasi entered its 32nd day Monday, and negotiations between management and the union are scheduled to continue later in the day. Copper has touched a low of Rs 396.85 a kg after opening at Rs 399.15, and last traded at Rs399.15.For today market is looking for the support at 397.2, a break below could see a test of 395.2 and where as resistance is now likely to be seen at 400.8, a move above could see prices testing 402.5.

Trading Ideas:

Copper trading range is 395.2-402.5.

Copper ended down but recovered most of its losses as Fed comments spur optimism

Copper is taking resistance at 400.80 and support is seen at 397.20.

Copper daily stocks at Shanghai exchange came up by 150 tonnes.