Copper prices declined as recent losses prompted participants sell more of the metal despite firmer Chinese imports. China imported 379,527 metric tons of copper, copper alloy and semifinished products in August, up 11% on month and up 17% on year, according to preliminary data provided Friday by the General Administration of Customs. Inventories of copper stored in LME-monitored warehouses fell 1,975 metric tons Friday, leaving them at 391,400. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly decline of 7,892 metric tons to 98,025. Copper has touched a low of Rs 347.8 a kg after opening at Rs 352, and last traded at Rs349.4.For today market is looking for the support at 347.2, a break below could see a test of 344.9 and where as resistance is now likely to be seen at 352.3, a move above could see prices testing 355.1.

Trading Ideas:

Copper trading range is 344.9-355.1.

Copper prices declined as recent losses prompted participants sell more of the metal

Copper looks to take support at 347.20 and resistance at 352.30.

Copper weekly stock at Shanghai exchange came down by -7892 tonnes.