Copper ended positive on some slight short covering after falling Friday after regulators accused Goldman Sachs Group Inc. of fraud and as a rising dollar cut demand for the metal as a hedge against inflation. China's copper output in March rose 11% compared to 358,000 metric tons, the National Bureau of Statistics. LME stocks dropped 1,025 tonnes to 509,400 tonnes on Friday, down over 8 percent below a February high of 555,025 tonnes. Shanghai copper inventories up nearly 10 percent to 185,895 tonnes from 169,538 tonnes a week earlier. Copper has touched a low of Rs 345.35 a kg after opening at Rs 345.35, and last traded at Rs346.1.For today market is looking for the support at 345.5, a break below could see a test of 344.9 and where as resistance is now likely to be seen at 346.6, a move above could see prices testing 347.

Trading Ideas:

Copper trading range is 344.9-347.

Copper ended positive on some slight short covering after falling Friday

Copper is getting resistance at 347.20 and support is at 343.80 level.

China March copper production 358,000 tons, up 11% on year

SELL COPPER APR BELOW 345 SL 348.60 TGT 343.60-341.80-340.20.MCX