Copper climbed toward recent highs and remained firm into close, driven up by the stronger euro after Greece announced a 4.8 billion euro austerity package. Inventories of copper stored in LME warehouses fell 1,750 metric tons Wednesday, leaving them at 550,575. The most recent Comex inventory data, released late Tuesday afternoon, showed warehouse stocks were down 284 short tons at 102,354 short tons.

Copper has touched a low of Rs 340.1 a kg after opening at Rs 344, and last traded at Rs345.7. For today market is looking for the support at 340.7, a break below could see a test of 335.7 and where as resistance is now likely to be seen at 350.1, a move above could see prices testing 350.1, a move above could see prices testing 354.4.

Trading Ideas:

Copper trading range is 335.7-354.4.

Copper driven up by stronger euro after Greece announced a 4.8 billion euro austerity package

Copper is getting resistance at 347.20 and support is at 343.80 level.

Copper daily stock at Shanghai exchange came up by 876 tonnes.

BUY COPPER APR 341-342 SL 339.60 TGT 343.20-344.60-346. MCX