Copper set a new high as expectations of strong investment demand for a physical-copper exchange traded fund and a better outlook for the U. S. economy boosted prices. The launch of the first physically backed copper exchange-traded fund, expected Friday, kept copper prices buoyed. The copper market also benefitted from an overall positive economic sentiment in the wake of a possible U. S. tax-cut extension announced Tuesday. Copper has touched a low of Rs 398.4 a kg after opening at Rs 401.9, and last traded at Rs411.6. For today market is looking for the support at 402.3, a break below could see a test of 392.9 and where as resistance is now likely to be seen at 417.1, a move above could see prices testing 422.5.

Trading Ideas:

Copper trading range is 392.9-422.5.

Copper ended higher as expectations of strong investment demand for physical-copper ETF boosted prices

Copper is taking resistance at 414.80 and support is seen at 408.20.

Copper daily stocks at Shanghai exchange came up by 100 tonnes.