Copper traded in the range of 425-429 but stayed within reach of record highs as supply concerns persisted, but investor book-squaring undermined prices of base metals.Some pressure had been seen from the LME stock also which came down by 1225mt, the total stock at LME is now at 363950mt. In yesterday's trading session copper has touched the low of 425 after opening at 428.1, and finally settled at 427.15. For today's session market is looking to take support at 425.3, a break below could see a test of 423.5 and where as resistance is now likely to be seen at 428.7, a move above could see prices testing 430.2.

Trading Ideas:

Copper trading range is 423.5-430.2.

Copper stayed within reach of record highs as supply concerns persisted

Copper is taking resistance at 429.20 and support is seen at 425.80.

Copper daily stocks at Shanghai exchange came down by 150 tonnes.

SELL COPPER FEB @ 427 SL 430 TGT 425.50-422.80-421.20.MCX