Copper settled up 0.58% at 467.25 as markets awaited more cues on when the United States may trim its monetary stimulus, after climbing for three of the past four weeks on evidence of resilient growth in top consumer China. Copper prices have recovered by more than 11 percent from three-year lows plumbed in late June but still remain down by around 7 percent for the year. While US consumer sentiment ebbed in August and residential construction rose less than expected, potentially dimming hopes of an acceleration in economic activity in the third quarter. The euro zone's trade surplus widened in June from a year earlier and from the previous month as imports continued to fall, the EU's statistics office Eurostat said on Friday. Chinese brokerage Everbright Securities Co Ltd faced tough sanctions from regulators as it apologised for a glitch in its computer systems that caused a spike of more than 5 percent in domestic stock indexes last week. Also China's July production of refined copper fell nearly 6 percent from June to a five-month low, data showed. This could mean the world's top consumer and producer of the metal will need to import more, supporting prices. Meanwhile Improvement in Europe and elsewhere undercut the perceived relative strength of the U. S. economy, putting some pressure on the dollar. This helped underpin base metals prices, because a weaker dollar makes commodities priced in the U. S. unit cheaper for holders of other currencies. Now Copper is getting support at 463.6 and below same could see a test of 460 level, And resistance is now likely to be seen at 469.4, a move above could see prices testing 471.6.

Trading Ideas:

Copper trading range for the day is 460-471.6.

Copper rose on expectations that a global economic recovery would increase demand for industrial metals.

China's July production of refined copper fell nearly 6 percent from the previous month to a five-month low.

Improvement in Europe and elsewhere undercut the perceived relative strength of the U. S. economy, putting some pressure on the dollar.