Copper recovered from early-day weakness to post gains as the euro and equities ticked higher, leaving traders reassessing whether some of the recent pressure from economic worries was overdone. Also, some support came from a European Central Bank three-month tender that was not as large as expected, alleviating some of the fears about banks being dependent on the ECB for a lifeline. LME copper warehouse stocks fell 850 metric tons to 451,100. Copper has touched a low of Rs 298.45 a kg after opening at Rs 304.5, and last traded at Rs305.8.For today market is looking for the support at 300.4, a break below could see a test of 295 and where as resistance is now likely to be seen at 309.2, a move above could see prices testing 312.6.

Trading Ideas:

Copper trading range is 295-312.6.

Copper recovered from early day weakness to post gains as euro ticked higher

Copper looks to take support at 303.20 and resistance at 307.60.

Copper daily stock at Shanghai exchange came down by -504 tonnes.

BUY COPPER AUG @ 302-303 SL 300.50 TGT 304.50-306.20-308.MCX