Copper yesterday traded with the negative node and settled -0.37% down at 429.55 fell as investors took profit for the first time in three sessions and closed up in London after record highs as U.K. markets reopened from the long Christmas break. Copper output in Chile, the world's top producer, fell 0.3% in November from a year earlier to 467,478 mt, according to the official statistics on Wednesday. Coupled with general consensus that demand in 2011 will exceed supply however, LME copper prices showed weak movements during the US and European trading hours, and fell back after reaching USD 9,384/mt, despite the US dollar down to 79.76. Finally, LME copper market closed at USD 9,411/mt, up 0.54%. Trading volumes stayed low at around 8,074 lots. For today's session market is looking to take support at 427.6, a break below could see a test of 425.7 and where as resistance is now likely to be seen at 432.1, a move above could see prices testing 434.6.

Trading Ideas:

Copper trading range is 425.2-432.4.

Copper drop as investors took profit for the first time as markets reopened from the long break.

Copper is taking resistance at 432.60 and support is seen at 426.80.

Copper output in Chile, fell 0.3% in November from a year earlier to 467,478 mt

BUY COPPER @ 428-429 SL 426.40 TGT 430.80-432-433.50.MCX

YESTERDAY LME STOCK FOR COPPER CAME Up  BY 3000