Commodity Trading Tips for Copper by KediaCommodity

Copper ended lower as a lull in Chinese buyingand a rising trend ininventories continued to reflect near-term demand weakness.Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 6 percent from last Friday, the exchange said. LME copperstocks fell by 1,000 tonnes on Thursday to 438,850 tonnes. Despite the withdrawal,inventories remain near their highest in eight months, having been on a stead climb since December. Additional supply-side pressures may be seen after Chile's Collahuasi, the world's No. 3 copper mine, lifted a force majeure on copper concentrate exports imposed after an accident at its key sea terminal in December. In yesterday's trading session copper has touched the low of 419 after opening at 420.4, and finally settled at 419.1. For today's session market is looking to take support at 418.6, a break below could see a test of 418.1 and where as resistance is now likely to be seen at 420, a move above could see prices testing 420.9.

Trading Ideas:

Copper trading range is 418.1-420.9.

Copper ended lower as lull in Chinese buying and a rising trend in inventories continued to reflect demand

Copper is taking resistance at 421.80 and support is seen at 416.80

Copper weekly stocks at Shanghai exchange came down by 10306 tonnes.

(Source: http://www.topnews.in/commodity-trading-tips-copper-kediacommodity-2320917)