Copper settled up driven by encouraging U. S. services sector data and new steps by central banks to fight economic weakness abroad. LME warehouse stocks fell by 350 tonnes to 374,100 tonnes on Tuesday. COMEX copper warehouse stocks went down 396 short tons to 84,187 short tons as of Monday. Copper has touched a low of Rs 360.45 a kg after opening at Rs 360.65, and last traded at Rs366.05. For today market is looking for the support at 361.7, a break below could see a test of 357.3 and where as resistance is now likely to be seen at 369.2, a move above could see prices testing 372.3.

Trading Ideas:

Copper trading range is 357.3-372.3.

Copper settled up driven by encouraging U. S. services sector data

Copper is taking resistance at 369.2 and support is seen at 361.7.

Yesterday we have seen open interest rose by 1412 and volume by 10094 lots