Copper on MCX settled up 0.12% at 325.40 hovered near its highest in eight weeks as the dollar softened and as macro headwinds continued to dominate direction over fundamentals post Britain's Brexit vote.

Copper on the LME edged down by 0.2% to $4,830 a tonne having hit its strongest level since May 5 in the prior session at $4847.50 a tonne. 

It came one day after U.K. Prime Minister David Cameron said he will leave the task to his successor when he steps down from the position by early-September. Once the UK summons Article 50, it will initiate formal negotiations with the EU to leave the European bloc, a process which is expected to take a minimum of two years.Content This No 9827808090.

Technically market is getting support at 323.1 and below same could see a test of 320.8 level, And resistance is now likely to be seen at 326.8, a move above could see prices testing 328.2.

                             TRADING IDEA 

1. Copper trading range for the day is 320.8-328.2.

2. Copper stocks on the Shanghai Futures Exchange have dropped by 60 % since March, LME stocks surged by nearly 40 % in early June.

3.  After touching a low of $4,588 after the UK Brexit vote, copper has rallied more than 5% as investors bought futures to cancel short positions.