Copper pared gains as participants booked profits after a strong runup on robust Chinese trade data. Recent heavy snows in east and central China tightened supply of electric power and coal for electricity generation, and local governments will likely take more controls on supply of electricity. Inventories of copper stored in LME warehouses rose 4,575 metric tons, leaving them at 515,200. The most recent Comex inventory data, released late Friday afternoon, were up 24 short tons at 99,392 short tons. For today market is looking for the support at 343.3, a break below could see a test of 341.35 and where as resistance is now likely to be seen at 348.6, a move above could see prices testing 351.95.

Trading Ideas:

Copper trading range is 338-352.

Copper pared gains as participants booked profits after a strong run-up

Copper is getting resistance at 346.40 and support at 342.80 level

Copper daily stock at Shanghai exchange came up by 525 tonnes.

SELL COPPER FEB @ 346-347 SL 348.30 TGT 345.10-343.90-342.50.MCX