Copper ended firm as China’s imports gained for the first time in three months, fueling speculation that demand in the world’s largest consumer is sustained. The market also eyed the launch of physically-backed base metal exchange traded products (ETPs), which some believe could exacerbate price volatility and market tightness. Imports of copper and products by China rose 29 percent to 351,597 tons from 273,511 tons in October, the General Administration of Customs said. Copper has touched a low of Rs 411.5 a kg after opening at Rs 412, and last traded at Rs411.95.For today market is looking for the support at 411.5, a break below could see a test of 411.1 and where as resistance is now likely to be seen at 412.3, a move above could see prices testing 412.7.

Trading Ideas:

Copper trading range is 411.1-412.7.

Copper ended firm as China’s imports gained for the first time in three months

Copper is taking resistance at 413.90 and support is seen at 408.90.

Copper weekly stocks at Shanghai exchange came down by 833 tonnes.