Commodity Trading Tips for Copper by KediaCommodity

Copper gained as buyers for the industrial metal emerged after energy prices retreated from this week's sharp rally, calming worries about inflation and theglobal economy. However, copper's rally drew additional support from news that U. S. consumer sentiment rose to its highest in three years in February. LME copper stocks extended a bearish trend in place since December of last year, raising by 4,150 tonnes to 416,825 tonnes, data released on Friday showed. However, weekly Shanghai copper stocks fell by 2,961 tonnes, data showed. Copper has touched a low of Rs 449.55 a kg after opening at Rs 449.55, and last traded at Rs450.65. For today market is looking for the support at 449.8, a break below could see a test of 448.9 and where as resistance is now likely to be seen at 451.4, a move above could see prices testing 452.1.

Trading Ideas:

Copper trading range is 448.9-452.1.

Copper gained as buyers for the industrial metal emerged

Copper looks to hold support at 447.20 and resistance at 458.80 level.

Copper weekly stocks at Shanghai exchange came down by 2961 tonnes.

YESTERDAY LME STOCK FOR COPPER CAME Up BY 4150

(Source: http://www.topnews.in/commodity-trading-tips-copper-kediacommodity-2315422)