Copper ended with gains on short covering Saturday after prices on Friday eked out a modest gain after upbeat U.S. employment data helped calm commodity markets spooked into free fall on Thursday by fears of slowing growth in the world's No. 1 economy. Open interest in U.S. copper futures fell on Friday to the lowest since February 2010, data from the COMEX exchange showed.  Open interest in copper amounted to 124,522 lots, down 1,736 lots from the day before and the lowest since Feb. 26, 2010, as the key July contract extended losses this week through the psychological $4 per lb level. Copper has touched a low of Rs 398 a kg after opening at Rs 398.8, and last traded at Rs399.9.For today market is looking for the support at 397.5, a break below could see a test of 395.2 and where as resistance is now likely to be seen at 402.7, a move above could see prices testing 405.6.

Trading Ideas:

Copper trading range is 395.2-405.6.

Copper on Saturday ended with gains on short covering

Copper is taking resistance at 402.70 and support is seen at 397.50.

Copper weekly stocks at Shanghai exchange came down by 5226 tonnes.