Copper ended flat recovering its losses after prices dropped on speculation that escalating sovereign debt in Europe will curb economic growth and metal demand. Copper demand outpaced refined supply by 17,000 tons in February, the International Copper Study Group said May 23. It expects a 377,000-ton global shortage this year. Economic growth of 7 percent to 9 percent in China, the world’s largest copper buyer, would be enough to keep prices high for “a very long period of time,” Chile’s President Sebastian Pinera, said. Some support had been seen from the LME stock also which came down by -1150mt, the total stock at LME is now at 468225mt. In yesterday's trading session copper has touched the low of 409.1 after opening at 413.7, and finally settled at 412.95. For today's session market is looking to take support at 409.5, a break below could see a test of 406 and where as resistance is now likely to be seen at 416.1, a move above could see prices testing 419.3.

Trading Ideas:

Copper trading range is 406-419.3.

Copper ended flat recovering losses after dropping on speculation that escalating sovereign debt in Europe

Copper is taking resistance at 416.10 and support is seen at 409.50.

Copper daily stocks at Shanghai exchange came down by 898 tonnes