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 339.2For 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.

Trading Ideas:

Copper trading range is 339.9-341.5.
Copper closed with minimal gains on Saturday, supported by decline in dollar
Copper is getting resistance at 342.20 and support is at 337.60 level.
Copper weekly stock at Shanghai exchange came up by 6849 tonnes

SELL COPPER APR @ 340-341 SL 344.20 TGT 338.80-337.60-336.20.MCX

Courtesy: Kedia Commodities

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