Copper prices declined as rising inventories fueled concern that demand is waning for the metal used in pipes and wires.
Stockpiles at LME jumped 1.5 percent to 379,825 metric tons where as Shanghai Futures Exchange have soared 62 percent since Aug. 1, raising concern that demand from the Asian nation is slowing.
For today market is looking for the support at 304.95, a break below could see a test of 303.1 and where as resistance is now likely to be seen at 308.95, a move above could see prices testing 311.1.
Trading Ideas:
COPPER TRADING RANGE IS 300-313.80.
TALKS TO TRY TO END THE STRIKE AT BHP BILLITON’S SPENCE COPPER MINE IN CHILE
BUY COPPER NOV AT 307-307.50 SL 305.70 TGT 308.60-309.40-310.20-311.50.
COPPER IS GETTING RES AT 310.20 ABOVE THIS NEXT RES IS AT 311.80-313.60.
COPPER ONLY A BREAK BELOW 305 LEVEL LOOK WEAK ELSE RANGE IS 306-312 LEVEL.
Courtesy: Kedia Commodities
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