Copper closed higher as stocks rose and also in response to strong manufacturing surveys in the U. S. and China, all of which boosted optimism about the economy and thus demand for industrial commodities. Inventories of copper stored in LME warehouses rose 2,475 metric tons, leaving them at 543,525.

The most recent Comex inventory data, released late Friday afternoon, were up 110 short tons at 103,620 short tons. Copper has touched a low of Rs 307.8 a kg after opening at Rs 310.5, and last traded at Rs316.05. For today market is looking for the support at 310.2, a break below could see a test of 304.35 and where as resistance is now likely to be seen at 319.5, a move above could see prices testing 322.95.

Trading Ideas:

Copper trading range is 310-322.

Copper closed higher boosted by strong manufacturing surveys in the U. S. and China

Resistance for the copper is at 317.40 level and support is at 314.90 level.

Copper daily stock at Shanghai exchange came down by -1000 tonnes.

SELL COPPER FEB @ 316 SL 319.20 TGT 314.80-313.50-312.MCX