Copper settled up 1.36% at 471.90 as support seen from the rupee which plunged to a record low on Wednesday on heavy dollar demand from importers and as traders fretted over mixed signals from the central bank over its efforts to prop up the currency without choking off economic growth. While Copper on LME fell for the second time in three days on mounting concern that the Federal Reserve will signal plans to scale back stimulus just as demand from Chinese manufacturing contracts. The Fed will release minutes today of its July meeting, which may indicate when officials plan to taper monthly bond purchases aimed at stoking economic growth. While an intense debate is going on about whether Greece will need another bailout. Also US data on initial jobless claims and the housing sector later in the week will also be closely watched. Market players have closely been looking out for U. S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases. Any improvement in the U. S. economy was likely to reinforce the view that the central bank will begin to taper its bond purchase program in the coming months. Metal prices struggled for upside traction due to a slightly stronger U. S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains. Technically market is under fresh buying as market has witnessed gain in open interest by 8.83% to settled at 24066 while prices up 6.35 rupee, now Copper is getting support at 465.5 and below same could see a test of 459 level, And resistance is now likely to be seen at 475.7, a move above could see prices testing 479.4.

Trading Ideas:

Copper trading range for the day is 459-479.4.

Copper gains as rupee weakness supported prices despite investors refrained from buying before the release of the Fed's meeting minutes

Existing home sales in the US were 5.39 million units on an annualized basis in July, the highest since November 2009.

Many Fed officials are in favor of scaling back QE3 later this year given the improvement in the economy.