Copper prices retreated from record highs as investors moved to lock in recent gains.  Recent gains and year-end book-squaring, however, continue to curb prices as investors lock in profits. Copper traders also remain wary of a possible interest rate rise in China, the largest consumer of copper. While Chinese authorities did not act on a widely anticipated rate hike over the weekend, market participants are expecting more tightening moves in the future. Copper has touched a low of Rs 417.5 a kg after opening at Rs 419.05, and last traded at Rs419.5.For today market is looking for the support at 417.5, a break below could see a test of 415.6 and where as resistance is now likely to be seen at 421.4, a move above could see prices testing 423.4.

Trading Ideas:

Copper trading range is 415.6-423.4.

Copper prices retreated from record highs as investors moved to lock in recent gains

Copper is taking resistance at 421.80 and support is seen at 417.50.

Copper daily stocks at Shanghai exchange came up by 3029 tonnes.