MUMBAI (Commodity Online): Copper futures traded down in the domestic bourse Monday owing to the weak global scenario as Chinese inflation has been rolling higher and the fear that the Chinese government might tighten further the monetary policy.

MCX copper is trading at Rs 337.30 per kg in the opening trades down 1% or Rs 3.50 as expected. The only favorable fact is that the weekly inventories and Copper imports data released earlier this month has not showed any signs of declination.

For today market is looking for the support at 340.4, a break below could see a test of 339.9 and where as resistance is now likely to be seen at 341.2, a move above could see prices testing 341.5.341.2, a move above could see prices testing 341.5.

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Copper closed with minimal gains on Saturday, supported by dollar declines, record euro zone industrial production and higher U.S. retail sales, but traders said there was little to drive prices above recent range highs.

Inventories of Copper stored in LME warehouses fell 3,075 metric tons to 532,575. Once-a-week data from the Shanghai Futures Exchange showed a 6,849-metric-ton rise to 155,469 tons. Copper has touched a low of Rs 338 a kg after opening at Rs 339.2.

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