Copper yesterday traded with the positive node and settled 0.15% up at 458.8 to records as manufacturing improved from China to the U.S., boosting the demand outlook for the metal used in construction and electrical applications. The world may be short of 822,000 tons of copper in 2011, more than double last year’s deficit, according to the International Copper Study Group projects a gap of 435,000 tons. LME copper stockpiles, up 4.3 percent this year, fell by 150 tons to 393,775 tons yesterday, daily exchange figures showed. Orders to draw copper from LME stocks, or canceled warrants, fell 4.6 percent to 13,875 tons, the lowest level since April 15. In yesterday's trading session copper has touched the low of 456.15 after opening at 458.8, and finally settled at 458.8. For today's session market is looking to take support at 456.6, a break below could see a test of 454.3 and where as resistance is now likely to be seen at 460.7, a move above could see prices testing 462.5.

Trading Ideas:

Copper trading range is 454.3-462.5.

Copper ended flat as economic confidence spurred robust demand prospects in 2011

Copper looks to take support at 456.20 and resistance at 460.40.

Spread between copper FEB & APR contracts yesterday traded in the range of 3 - 3.5.

COPPER TECHNICALLY CORRECTION IS DUE WILL WAIT FOR FRESH ENTRY

YESTERDAY LME STOCK FOR COPPER CAME Down  BY -150