Copper prices settled sharply lower erasing the gains made a day earlier while London markets were closed, but traders said the latest weak data, along with month-end position squaring, sent prices to their two-day lows. A slew of weak U.S. economic indicators damaged prices further, though underlying technical strength offered support. LME copper warehouse stocks were down by 1,575 tonnes at 398,525 tonnes. Copper has touched a low of Rs 348.5 a kg after opening at Rs 353.2, and last traded at Rs349.25.For today market is looking for the support at 347.4, a break below could see a test of 345.6 and where as resistance is now likely to be seen at 352.1, a move above could see prices testing 355.

Trading Ideas:

Copper trading range is 345.6-355.

Copper settled lower on heavy profit booking on the expiry

Copper looks to take support at 347.40 and resistance at 352.10.

Copper daily stock at Shanghai exchange came up by 249 tonnes.