Copper yesterday traded with the positive node and settled 0.64% up at 458.3 as buyers returned to the market following a three-day phase of consolidation that saw prices fall further away from record levels. Yesterday the US Department of Labor published that the initial jobless claims for the week ending on Feb 2nd fell to 383k compared with the forecast of 410k, the lowest since the week ending on August 5th in 2008. Investors were doubt about stability of current high copper prices amid weak demand, and worrying about demand in China, with constantly increasing copper inventories, causing LME copper prices to fell from previous high levels. However, LME copper futures for three-month delivery closed USD 29.8/mt higher at USD 9,952.8/mt, up 0.3%, supported by technical purchases. In yesterday's trading session copper has touched the low of 453.25 after opening at 456, and finally settled at 458.3. For today's session market is looking to take support at 454.7, a break below could see a test of 451.2 and where as resistance is now likely to be seen at 460.4, a move above could see prices testing 462.5.

Trading Ideas:

Copper trading range is 451.2-462.5.

Copper bounced as chart-based buyers returned to the market.

Copper looks to take support at 455.80 and resistance at 460.40 level.

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