Copper bounced from declines despite disappointing U.S. jobless data released as participants bought back previously sold positions amid some optimism about demand. Despite an inventory draw Thursday, the metal still has background from a recent string of declines in warehouse stock. Inventories of copper stored in LME warehouses rose 2,750 metric tons Thursday, leaving them at 409,075. However, the most recent Comex inventory data, released late Wednesday afternoon, were down 589 short tons at 97,997 short tons. For today market is looking for the support at 335.8, a break below could see a test of 333.1 and where as resistance is now likely to be seen at 340.5, a move above could see prices testing 342.5.

Trading Ideas:

Copper trading range is 333.1-342.5.

Copper bounced from declines despite disappointing U.S. jobless data

Copper looks to take support at 335.80 and resistance at 340.50.

Copper daily stock at Shanghai exchange came down by -202 tonnes.