Copper faltered on an unexpected drop in U.S new home sales and a stronger U.S. dollar amid aversion to riskier assets. Meanwhile, warehouse stocks of the metal continue to grow.  Inventories of copper stored in LME-monitored warehouses rose 5,025 metric tons, leaving them at 538,600. The most recent Comex inventory data, released late Tuesday afternoon, were up 489 short tons at 102,748 short tons. Copper has touched a low of Rs 330 a kg after opening at Rs 345.05, and last traded at Rs331.2.For today market is looking for the support at 325.70, a break below could see a test of 320.30 and where as resistance is now likely to be seen at 340.80, a move above could see prices testing 350.40.

Trading Ideas:

Copper fell yesterday on an unexpected drop in U.S new home sales

Resistance for the copper is at 332.80 level and support is at 329.90 level.

Copper daily stock at Shanghai exchange came down by -150 tonnes.

SELL COPPER FEB @ 334-335 SL 336.80 TGT 332.80-331.60-330.20.MCX