MUMBAI (Commodity Online): Copper prices traded higher in the domestic futures market in line with firming global sentiments on Thursday.

MCX Copper November contract traded higher by Re 0.55 or 0.15 percent at Rs 358.30 per kg with a business volume of 38,802 lots. February contract also gained higher by Re 0.50 or 0.14 percent to Rs 360.20 per kg with a turnover of 1,747 lots.

Analysts said firming trend at the London Metal Exchange, where the metal surged to a four-month high after the US manufacturing grew faster than estimated, influenced the futures market prices here.

Copper settle higher propelled by robust manufacturing data in the United States and China, soaring shares and a weak dollar. Copper inventories stored in LME-monitored warehouses rose by 250 metric tons, to 398,775. LME stockpiles fell by 3.6% in August, and are down more than 20% so far this year.

A supply deficit in copper in 2011 forecasted, as production isn't seen rising to meet growing demand.

Copper has touched a low of Rs 350 a kg after opening at Rs 350, and last traded at Rs357.75.For today market is looking for the support at 352.2, a break below could see a test of 346.7 and where as resistance is now likely to be seen at 361.1, a move above could see prices testing 364.5.

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