CN: Traders withdraw from Copper on Dollar strength
Copper settled flat as a stronger dollar slashed demand from traders who buy commodities as alternative investments.
Shanghai inventories rose 3 percent to 104,710 tonnes from 101,277 tonnes a week ago, while copper stocks on warrant declined 1,036 tonnes to 33,552 tonnes.
Copper has touched a low of Rs 329.25 a kg after opening at Rs 330.75, and last traded at Rs330.25.
For today market is looking for the support at 329.30, a break below could see a test of 328.40 and where as resistance is now likely to be seen at 331.00, a move above could see prices testing 331.90.
Trading Ideas:
COPPER TRADING RANGE IS 320-340.
COPPER SETTLED FLAT AS A STRONGER DOLLAR SLASHED DEMAND FROM TRADERS
SELL COPPER FEB AT 330-331 SL 332.60 TGT 328.80-327.60-326.40.
COPPER IS TAKING IMPORTANT SUPPORT AT 328 LEVEL.
COPPER WEEKLY STOCK AT SHANGHAI EXCHANGE CAME UP BY 3433 TONNES
