Commodity Outlook for Copper by KediaCommodity

CopperCopper prices ended in the red as the prices struggled to recover from trader-led profit-taking and disappointing U. S. housing data. For copper in particular, inventories that were still significantly above historical lows and an expected lack of interest in physically backed investment products suggested steeper correction potential. LME copper stocks have steadily gained during the last week, having touched a one-year low at 348,625 tonnes on Dec. 9. Copper has touched a low of Rs 412.25 a kg after opening at Rs 415.5, and last traded at Rs415. For today market is looking for the support at 412.8, a break below could see a test of 410.7 and where as resistance is now likely to be seen at 416.6, a move above could see prices testing 418.2.

Trading Ideas:

Copper trading range is 410.7-418.2.

Copper prices ended in the red on profit booking and disappointing U. S. housing data

Copper is taking resistance at 416.60 and support is seen at 412.80.

Copper daily stocks at Shanghai exchange came up by 3449 tonnes.