MUMBAI (Commodity Online): Copper prices tumbled in the domestic futures market due to weak global sentiments Thursday. The metal traded higher yesterday with lower inventory at the LME.

MCX Copper August contract slipped to Rs 33.65 per kg, registering 0.22% losses from its last close. November contract are trading down by 0.21% to 337.05 per kg.

For today market is looking for the support at 332.2, a break below could see a test of 329 and where as resistance is now likely to be seen at 337.7, a move above could see prices testing 339.9.

Copper settled at their highest levels since early May, rising on stability in equities and a demand picture that continues to point to tightening supplies in the second half of the year.

Meanwhile, Copper output in Chile dropped 0.6% in June from year-earlier levels, the Andean nation's government statistics agency said. The International Copper Study Group in July reported that the global refined copper market ran a deficit of 67,000 metric tons in the first four months of 2010.

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