Copper prices rose as the dollar gave up its previous gains and in anticipation of China's raft of economic data due overnight that many participants are betting will show stronger-than-forecast readings. China accounts for about
40 percent of global demand for copper and certainly is a major factor driving growth in that area. LME copper stocks rose by 800 tonnes to 370,750 tonnes on Wednesday. COMEX warehouse copper inventories were drawn down 244 short tons to 77,521 short tons on Tuesday. Copper has touched a low of Rs 368 a kg after opening at Rs 371.2, and last traded at Rs372.45. For today market is looking for the support at 369.4, a break below could see a test of 366.4 and where as resistance is now likely to be seen at 374.1, a move above could see prices testing 375.8.

Trading Ideas:

Copper trading range is 366.4-375.8.

Copper prices rose as dollar gave up its gains and in anticipation of China's raft of economic data

Copper is taking resistance at 374.20 and support is seen at 369.40.

Copper daily stocks at Shanghai exchange came down by 2185 tonnes.