Copper tumbled as risk appetite faltered on concerns that Chinese authorities may move to cool their economy, with weaker equities and a stronger U. S. dollar taking a toll on the metal. Inventories of copper stored in London Metal Exchange warehouses fell 100 metric tons Wednesday, leaving them at 526,650.

The most recent Comex inventory data, released late day afternoon, were up 547 short tons at 100,764 short tons. Copper has touched a low of Rs 340.2 a kg after opening at Rs 348, and last traded at Rs 341.35. For today market is looking for the support at 338.30, a break below could see a test of 335.30 and where as resistance is now likely to be seen at 346.10, a move above could see prices testing 350.90.

Trading Ideas:

Copper trading range is 335-348.

Copper fell after another move in China to tighten monetary policy fueled worries about demand

Resistance for the copper is at 342.60 level and support is at 339.80 level.

Global copper market was in surplus by 191,000 MT between Jan-Nov

SELL COPPER FEB @ 343-344 SL 345.60 TGT 341.80-340.20-338.60.MCX