Copper fell as growth in the U. S. economy further cemented expectations that potential Federal Reserve monetary stimulus may be less than previously thought. While economic growth over the longer term will be a boon to copper as an industrial metal, some think that a smaller injection into the money supply would crimp investment demand in copper over the shorter term. Inventories of copper stored in LME warehouses rose 450 metric tons Friday, leaving them at 368,500. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly rise of 2,765 of metric tons to 106,275. For today market is looking for the support at 367.9, a break below could see a test of 366.7 and where as resistance is now likely to be seen at 370.1, a move above could see prices testing 371.1.

Trading Ideas:

Copper trading range is 366.7-371.1.

Copper ended positive on short covering after prices fell Friday

Copper is taking resistance at 371.80 and support is seen at 367.90.

Copper weekly stocks at Shanghai exchange came down by 184 tonnes.