Copper prices hit 16-month highs pushed up by lower inventories of the metal on the Shanghai futures exchange and a weaker U. S. dollar amid light, holiday-crimped trading. Supply threats in South America also supported prices. Some 274 union workers at the 232,000-tonne-per-year Altonorte copper smelter in Chile planned to strike and block roads on Monday, after scrapping a final wage offer from global miner Xstrata.

Copper has touched a low of Rs 339 a kg after opening at Rs 339, and last traded at Rs342.5. For today market is looking for the support at 340.00, a break below could see a test of 337.50 and where as resistance is now likely to be seen at 343.90, a move above could see prices testing 345.30.

Trading Ideas:

COPPER TRADING RANGE IS 330-355.

COPPER PRICES HIT 16-MONTH HIGHS PUSHED UP BY LOWER INVENTORIES ON THE SHANGHAI.

COPPER IS STRONG ABOVE 7150$ AND 339 ON MCX ON SUPPLY CONCERN FOR TGT 7320$ & 348 ON MCX.

COPPER DAILY STOCK AT SHANGHAI EXCHANGE CAME DOWN BY -325 TONNES.

BUY COPPER FEB ABV 343 SL 339 TGT 344.20-345.60-347.50. MCX