Copper on MCX settled up 1.49% at 313.6 after further erosion of inventories and as the likelihood of early U.S. rate hikes diminished. Metals were boosted by data showing the U.S. economy created the fewest number of jobs in more than 5-1/2 years in May, pointing to labour market weakness that could make it difficult for the Federal Reserve to raise interest rates.

copper also forged higher, climbing 1.7% to end at $4,688 a tonne after closing little changed in the previous session and rebounding from a one-week low at $4,565.50 on Wednesday. Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell again this week, having slid 47 %  since mid-March, data showed on Friday.

Technically market is under short covering as market has witnessed drop in open interest by -20.09% to settled at 24292, now Copper is getting support at 309.6 and below same could see a test of 305.4 level, And resistance is now likely to be seen at 317.7, a move above could see prices testing 321.6.    

                         Trading Ideas

1. Copper trading range for the day is 305.4-321.6.              

2. The labor force participation rate inched down 0.2% to 62.6%, while average hourly wages rose by 0.2% on the month.

3. Copper stockpiles in warehouses tracked by the SHFE fell for a fourth week to the lowest since Jan. 21.