Copper futures finished modestly softer Friday on profit-taking that set in as the market approached resistance at the highs from mid-April, particularly after a report showing further job losses in the U.S. Most-active July copper fell.
Also rising physical supply ahead of the slack demand season, but falling London inventories and positive U.S. jobs data underpinned sentiment.
Traders expect Chinese trade data, due this week, to show copper imports at or above March's record 374,957 tonnes, a further indication that China may be oversupplied with copper.
For today market is looking for the support at 230.90, a break below could see a test of 227.85 and where as resistance is now likely to be seen at 238.35, a move above could see prices testing 242.85.
Trading Ideas:
Copper trading range is 220.00-244.00.
Copper futures finished modestly softer Friday on profit-taking .
Fundamentals are supportive for copper but technically look weak.
MCX copper June sell below 232.80 SL 234.20 TGT 231.60-230.20-228.80-226.
Buy copper June on dip at 224-225 SL 222.80 TGT 227.20-229.50-232.
