Copper on MCX settled down -0.93% at 372.55 as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply. LME copper dropped 1.5 percent to end at $5,747 a tonne, adding to small losses in the previous session, having broken support at its 100-day moving average at $5,800 a tonne. The supply disruptions that we have seen were short-term dynamics and did not create real tightness in the market. The discount of cash LME copper to the three-month contract was $30.85 a tonne after closing on Friday at $35.25, the biggest discount since June 2013, indicating that supplies were adequate.

Trading Ideas:

Copper trading range for the day is 368.8-377.8.

Copper eased as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply.

LME copper stocks are at the lowest since early March, while ShFE copper stocks rose last week, but are down from near one-year highs reached a month ago.

Hedge funds and money managers cut their net long position in copper futures U.S. Commodity Futures Trading Commission data showed.

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