Commodity Trading Tips for Copper by KediaCommodity

CopperCopper futures yesterday initially dipped by almost 1% on a firmer dollar ahead of U.S. inflation data, while Shanghai prices edged up as investors looked past another bank reserve requirement increase in China but later recovered and settled 2.02% up at 399.15 as upward revisions to March U.S. retail sales data suggested consumer spending in the first quarter might have been stronger than initially thought, although April's data posted their smallest rise in nine months. But china increased bank reserve requirements by 50 basis points, signalling that containing inflation and soaking up excess cash remained its top priority even after signs the economy was slowing down. For today's session market is looking to take support at 390.7, a break below could see a test of 382.2 and where as resistance is now likely to be seen at 403.8, a move above could see prices testing 408.4.

Trading Ideas:

Copper trading range is 382.2-408.4.

Copper rebounded from lows on bets that demand will revive in China.

Copper is taking resistance at 403.80 and support is seen at 390.70.

Copper daily stocks at Shanghai exchange remained unchanged