Copper jumped driven by a weak dollar and demand optimism after the U.S. Federal Reserve said it was ready to implement new measures to spur the economy. London Metal Exchange copper warehouse stocks rose by 2,075 tonnes to 382,100 tonnes. Stock levels stand at lowest since November. COMEX copper warehouse stocks fell by 507 short tons at 88,308 short tons as of Tuesday. Copper has touched a low of Rs 351.85 a kg after opening at Rs 353, and last traded at Rs358.55.For today market is looking for the support at 353.8, a break below could see a test of 349.1 and where as resistance is now likely to be seen at 361.3, a move above could see prices testing 364.

Copper trading range is 349.1-364.

Copper jumped driven by a weak dollar and demand optimism

Copper looks to take support at 356.20 and resistance at 361.30.

Yesterday we have seen open interest rose by 5122 and volume by 34206 lots.