Copper ended down in response to strength in the U.S. dollar, after the metal had already been under pressure in recent weeks on concerns about anticipated Chinese monetary tightening. Inventories of copper stored in LME warehouses fell 675 metric tons, leaving them at 540,475. The most recent Comex inventory data, released late day afternoon, were up 355 short tons at 103,975 short tons. Copper has touched a low of Rs 301.25 a kg after opening at Rs 316.1, and last traded at Rs303.5.For today market is looking for the support at 296.60, a break below could see a test of 289.80 and where as resistance is now likely to be seen at 314.80, a move above could see prices testing 326.20. Trading Ideas: Copper trading range is 295-310. Copper ended down in response to strength in the U.S. dollar As China moves to tame their economic growth, they have slowed their buying of base metals. Copper daily stock at Shanghai exchange came down by -551 tonnes.

Source