Copper closed lower in reaction to a weaker stock market after U.S. consumer confidence plunged, as well as a firmer dollar.  This came with some traders already nervous that Chinese demand hasn't been stronger since markets reopened there after last week's weeklong Lunar New Year holidays. Inventories of copper stored in LME warehouses fell 700 metric tons, leaving them at 554,325. The most recent Comex inventory data, released late Monday afternoon, were down 74 short tons at 104,253 short tons. Copper has touched a low of Rs 325.85 a kg after opening at Rs 335.05, and last traded at Rs328.35.For today market is looking for the support at 323.1, a break below could see a test of 317.9 and where as resistance is now likely to be seen at 336.4, a move above could see prices testing 344.4.336.4, a move above could see prices testing 344.4.

Trading Ideas:

Copper trading range is 317.9-344.4.

Copper closed lower in reaction to a weaker stock market after U.S. consumer confidence plunged

Copper Market Surplus 144,000 T in Jan-Nov - ICSG

Copper daily stock at Shanghai exchange came down by -374 tonnes.

BUY COPPER FEB @ 329 SL 327 TGT 330.20-331.60-332.40.MCX