Copper held onto gains into the close, boosted by economic data that were all stronger than forecast, including U. S. retail sales, consumer sentiment and business inventory readings that bolstered the outlook for demand. LME copper warehouse stocks surged by 4,450 tonnes to 466,075 tonnes on Friday.

Once-a-week data released on Fridays by the Shanghai Futures Exchange was also supportive, as it showed a decline of 9,034 metric tons to 95,676. Copper has touched a low of Rs 323.6 a kg after opening at Rs 323.7, and last traded at Rs323.85. For today market is looking for the support at 323.60, a break below could see a test of 323.30 and where as resistance is now likely to be seen at 324.00, a move above could see prices testing 324.20.

Trading Ideas:

COPPER TRADING RANGE IS 315-330.

COPPER FINISHED HIGHER BOOSTED BY STRONGER-THAN-FORECAST ECONOMIC DATA

SELL COPPER @ 323-324 SL 327.20 TGT 321.20-320-318.40.MCX

SUPPORT FOR COPPER IS AT 321.40 AND RESIST IS AT 326.30

COPPER WEEKLY STOCK AT SHANGHAI EXCHANGE CAME DOWN BY -9034 TONNES