Copper closed down as investors took profits from earlier rise and looked ahead with caution toward new home sales data and a Federal Reserve policy meeting on Tuesday. LME copper warehouse stocks dropped 1,700 tonnes to 382,500 tonnes on Monday, down more than 170,000 tonnes or 31 percent from a 6-1/2 year high at 555,075 tonnes in mid-February. COMEX copper warehouse stocks fell by 956 short tons to 89,416 short tons as of Friday. Copper has touched a low of Rs 353.1 a kg after opening at Rs 357.8, and last traded at Rs354.15. For today market is looking for the support at 352.2, a break below could see a test of 350.2 and where as resistance is now likely to be seen at 357, a move above could see prices testing 359.9.

Trading Ideas:

Copper trading range is 350.2-359.9.

Copper closed down as investors took profits from earlier rise ahead of Fed meet

Copper looks to take support at 352.20 and resistance at 357.

Copper daily stock at Shanghai exchange came down by -2610 tonnes.