Copper on MCX settled down -1% at 322.25 continued to drift lower after signs that cost deflation in the world's top producer Chile is only accelerating. Yesterday LME copper slipped on Thursday fell by 0.8 % to settled at $4,836 a tonne, heading toward the three-week lows hit in the previous session, as traders booked profits ahead of Friday's U.S. non-farm payrolls report and as markets priced in a lower chance of further easing from China.

Technically market is under fresh selling as market has witnessed gain in open interest by 23.79% to settled at 25598 while prices down -3.25 rupee, now Copper is getting support at 319.6 and below same could see a test of 316.8 level, And resistance is now likely to be seen at 325.2, a move above could see prices testing 328.   

                  Trading Ideas  

1. Copper trading range for the day is 316.8-328.  

2. Copper dropped as traders cut positions ahead of a U.S. jobs report and on the prospects of rising supply.        

3. China's copper demand is improving with solid growth of about 15 percent across grid and substation spending             

4. Still, there are some signs producers are responding to low prices by cutting back production. 

    

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