Copper yesterday traded with the negative node and settled -2.02% down at 455.7 from a new record high, posting its biggest slide in 3weeks, as rising inflation in top consumer China dented the shorter-term demand view and raised the specter of more monetary tightening.

Data showed Chinese inflation hit a lower-than-forecast 4.9% in Jan, while price pressures excluding food jumped to their strongest in at least a decade, suggesting Beijing will maintain its monetary tightening campaign this year. CIBC's Buchanan believed further rounds of belt-tightening measures by Beijing could come seen sooner, rather than later, as 2012 is a political transition year.

As a result, copper demand should take a hit. For today's session market is looking to take support at 452.2, a break below could see a test of 448.6 and where as resistance is now likely to be seen at 462.2, a move above could see prices testing 468.6. Trading Ideas: Copper trading range is 448.6-468.6. Copper fell as participants cashed in on record high prices. Copper looks to take support at 453.20 and resistance at 458.60 level. Copper daily stocks at Shanghai exchange came up by 6733 tonnes. YESTERDAY LME STOCK FOR COPPER CAME Up BY 650