Copper yesterday traded with the negative node and settled -0.46% down at 455.35 as prices continued to back away from records hit earlier this week amid concerns about high inflation and tepid demand in China. From a generally bearish trend in London Metal Exchange (LME) inventories to a surprise interest rate hike in top consumer China on Tuesday, sustainability questions have begun to surface. The amount of copper held to back the physical copper ETP has dropped by one third or around 720 tonnes so far in February.  In yesterday's trading session copper has touched the low of 452.25 after opening at 459.3, and finally settled at 455.35. For today's session market is looking to take support at 451.9, a break below could see a test of 448.5 and where as resistance is now likely to be seen at 459.2, a move above could see prices testing 463.

Trading Ideas:

Copper trading range is 448.5-463.

Copper fell as prices continued to unwind from record highs amid tepid demand in China.

Copper looks to take support at 453.20 and resistance at 457.80 level.

Copper daily stocks at Shanghai exchange came up by 1101 tonnes.