Copper rose slightly as investors repurchased positions while sentiment was bullish following a major zinc and lead smelter shutdown in China. In one indicator of demand, inventories of copper stored in London Metal Exchange warehouses fell 1,175 metric tons Friday, leaving them at 368,825. The most recent Comex inventory data, released late Thursday afternoon, were down 485 short tons at 76,277 short tons. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly rise of 2,765 metric tons to 106,275. For today market is looking for the support at 375.2, a break below could see a test of 374.5 and where as resistance is now likely to be seen at 376.7, a move above could see prices testing 377.5.

Trading Ideas:

Copper trading range is 374.5-377.5.

Copper rose slightly as investors repurchased positions

Copper is taking resistance at 377.50 and support is seen at 373.60.

Copper weekly stocks at Shanghai exchange came up by 2765 tonnes.