Copper fell, as reports of quickening inflation in top consumer China pointed to more monetary tightening, which investors worried would hit demand for industrial metals. Also pressuring industrial metals, U.S. equities fell after an unexpected rise in jobless claims and concerns about higher inflation overseas. LME copper open interest has fallen more than 10 percent from its peak of 324,420 lots on Jan. 14 to 289,215 lots on Tuesday. In LME warehouses rose 875 tonnes to 450,800 tonnes, data on Thursday showed. Copper has touched a low of Rs 419.15 a kg after opening at Rs 422.8, and last traded at Rs421.85.For today market is looking for the support at 419.4, a break below could see a test of 417 and where as resistance is now likely to be seen at 424.1, a move above could see prices testing 426.3.

Trading Ideas:

Copper trading range is 417-426.3.

Copper fell as reports of quickening inflation in top consumer China pointed to more monetary tightening

Copper is taking resistance at 424.10 and support is seen at 419.40.

Copper daily stocks at Shanghai exchange came down by 1303 tonnes.