Copper yesterday traded higher after China's move to revalue its currency boosted demand but the metal pared price gains as investor enthusiasm waned and they turned back to the U.S. dollar.  In another indicator of demand, copper inventories stored in LME-monitored warehouses fell by 475 metric tons Monday to 456,950. The most recent Comex inventory data, released late Friday afternoon, showed no change at 101,925 short tons. Copper has touched a low of Rs 295.5 a kg after opening at Rs 295.5, and last traded at Rs299.4.For today market is looking for the support at 294.6, a break below could see a test of 289.9 and where as resistance is now likely to be seen at 305, a move above could see prices testing 310.7.

Trading Ideas:

Copper trading range is 289.9-310.7.

Copper pared its gains as investors mull China’s move

Copper looks to take support at 297.20 and resistance at 301.20.

Copper daily stock at Shanghai exchange came down by -650 tonnes.

BUY COPPER JUNE @ 299-300 SL 298 TGT 301.20-303.MCX