Copper ended firm bullish demand prospects from China in the new year kept prices buoyant near all-time record peaks. Stocks of copper in LME warehouses rose for the fifth day in a row. Latest data showed a small increase of 600 tonnes, to 361,400 tonnes. Inventories in warehouses monitored by the Shanghai Futures Exchange rose 10 percent on the week. Overall, global stocks estimated at above
1.2 million tonnes account for more than three weeks of global consumption. Latest data from ETF Securities showed that the amount of copper held to back a physical copper exchange traded product jumped by about 570 tonnes to 595.2 tonnes as of Dec. 16, from Dec. 14. Copper has touched a low of Rs 419.2 a kg after opening at Rs 419.6, and last traded at Rs419.35. For today market is looking for the support at 419, a break below could see a test of 418.6 and where as resistance is now likely to be seen at 420, a move above could see prices testing 420.7.

Trading Ideas:

Copper trading range is 418.6-420.7.

Copper closed firm on bullish demand prospects from China

Copper is taking resistance at 421.40 and support is seen at 416.50.

Copper weekly stocks at Shanghai exchange came up by 11872 tonnes.