Copper continued their rally last week as warehouse inventories continued to fall, but the metal may be due for a pullback. Inventories of copper stored in LME-monitored warehouses fell 2,950 metric tons Friday, leaving them at 384,200. The most recent Comex inventory data, released late Thursday afternoon, were down 324 short tons at 90,372 short tons. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly rise of 200 metric tons to 98,225. Copper has touched a low of Rs 356.5 a kg after opening at Rs 357.5, and last traded at Rs357.For today market is looking for the support at 356.5, a break below could see a test of 355.9 and where as resistance is now likely to be seen at 357.6, a move above could see prices testing 358.1.

Trading Ideas:

Copper trading range is 355.9-358.1.

Copper continued their rally last week as warehouse inventories continued to fall

Copper looks to take support at 355.90 and resistance at 359.50.

Copper weekly stock at Shanghai exchange came up by 200 tonnes.