Copper prices settled positive bucking a stronger dollar, as traders looked to comments by Federal Reserve Chairman Ben Bernanke that further monetary easing may be needed to maintain economic growth. The red metal's rally, however, was subdued by renewed dollar strength. LME warehouse stocks fell by 475 tonnes to 371,025 tonnes on Friday.  Copper inventories in Shanghai warehouses rose 9.9 percent to 103,510 tonnes from week earlier. Copper has touched a low of Rs 374.9 a kg after opening at Rs 374.9, and last traded at Rs375.85.For today market is looking for the support at 375.1, a break below could see a test of 374.4 and where as resistance is now likely to be seen at 376.3, a move above could see prices testing 376.8.

Trading Ideas:

Copper trading range is 374.4-376.8.

Copper rallied after Bernanke’s comments that slow economic growth may need a boost.

Copper is taking resistance at 378.20 and support is seen at 372.40.

Copper weekly stocks at Shanghai exchange came up by 9336 tonnes.