Copper tumbled as top metals consumer China surprised markets with an announcement that it plans to hike interest rates for the first time since 2007 to keep a rein on its surging economy. China constitutes some 30 per cent of global copper demand, so its announcement pushed copper off. Tightening supply supported copper, with LME warehouse inventories down more than 30 per cent since the middle of February when levels rose above 555,000 tonnes. Latest data show stocks down 500 tonnes to 369,950 tonnes. Copper has touched a low of Rs 368.8 a kg after opening at Rs 377.5, and last traded at Rs370.55. For today market is looking for the support at 366.6, a break below could see a test of 362.7 and where as resistance is now likely to be seen at 376.7, a move above could see prices testing 382.9.

Trading Ideas:

Copper trading range is 362.7-382.9.

Copper prices tumbled yesterday after China's rate hike decision

Copper is taking resistance at 373.7 and support is seen at 367.6.

Copper daily stocks at Shanghai exchange came up by 101 tonnes.