Copper ended firm as positive sentiment surrounding recently announced physically backed base metals funds outweighed pressure from a rising dollar and Chinese moves to curb lending. A stronger dollar tends to pressure copper by making the dollar-denominated metal more expensive for buyers using other currencies, weighing on demand. Inventories of copper stored in LME warehouses fell 725 metric tons Tuesday, leaving them at 371,750. The most recent Comex inventory data, released late Monday afternoon, were down 1,105 short tons at 81,597 short tons. For today market is looking for the support at 368.8, a break below could see a test of 364.3 and where as resistance is now likely to be seen at 376.2, a move above could see prices testing 379.1.

Trading Ideas:

Copper trading range is 364.3-379.1.

Copper ended firm as recent announcement of physically backed base metals funds supported

Copper is taking resistance at 376.2 and support is seen at 368.8.

Copper daily stocks at Shanghai exchange came up by 2049 tonnes.