Commodity Trading Tips for Copper by KediaCommodity

Copper yesterday traded with the negative node and settled -0.36% down at 449.3 marginally ended down but in the earlier session copper hitted its highest level in two weeks, supported by better-than-expected labor market data in the US and a retreat in theprice of oil. Data showing new US claims forunemployment benefits fell last week to their lowest level in more than 2-1/2 years helped restore some confidence back into the broader mkt, recently under pressure from the turmoil in Libya and rising crude oil. Oil prices declined after Venezuela President made a proposal to try to broker a peace deal in Libya. LME 3-month copper peaked at $9,979 per tonne, before ending at a last bid at $9,910, up $21 from Wed. In yesterday's trading session copper has touched the low of 445.65 after opening at 449.5, and finally settled at 449.3. For today's session market is looking to take support at 446.4, a break below could see a test of 443.4 and where as resistance is now likely to be seen at 451.5, a move above could see prices testing 453.7.

Trading Ideas:

Copper trading range is 442.1-457.4.

Copper settled flat recovering its losses supported by better-than-expected labor market data

Copper looks to hold support at 446.20 and resistance at 451.40 level.

Copper daily stocks at Shanghai exchange came up by 124 tonnes.

(Source: http://www.topnews.in/commodity-trading-tips-copper-kediacommodity-2316643)