Commodity Outlook for copper by Kedia Commodity

Commodity Outlook for copper by Kedia CommodityPrices for copper fell yesterday amid speculation that China, a big importer of the industrial metal, will take steps to slow down its economy. Some traders and investors are concerned that any efforts by China to curb inflation by controlling its economic growth could hurt a global recovery. China's annual legislative meeting ended without any policy changes that could have increased domestic consumption. Inventories of copper stored in LME warehouses fell 1,375 metric tons, leaving them at 531,200. The most recent Comex inventory data, released late Friday afternoon, were unchanged at 102,138 short tons. For today market is looking for the support at 331.3, a break below could see a test of 328.2 and where as resistance is now likely to be seen at 338.7, a move above could see prices testing 343.338.7, a move above could see prices testing 343.

Trading Ideas:

Copper trading range is 328.2-343.

Copper prices fall amid concerns over China

Copper is getting resistance at 335.80 and support is at 333.10 level.

Copper daily stock at Shanghai exchange yesterday came up by 5419 tonnes.

SELL COPPER @ 335.70 SL 337.70 TGT 334.50-333.20-331.80-330.20.MCX