Copper settled up 0.57% at 486.90 recovered from the day's low in the late session after strength in the U. S. dollar and an economic report that reinforced ideas of many that the Federal Reserve may still taper quantitative easing next month. Prices lost further ground yesterday as the market was hit by fears over the likelihood of the so-called tapering of the Fed in their next September meeting, the sentiment sent the USD higher and as a result put pressure on metals prices. Although it was not the first time this week that we got upbeat numbers, yesterday's GDP data was significantly higher than expected and of higher importance as far as the Fed is concerned. The market's focus turned to the QE3 issue again. US and its allies took a mixed attitude whether to take military attack on Syria. Only France expressed its supports, while UK is attempting to resolve political hinders, and Germany said the issue should be resolved by the United Nations Security Council. US Congress required that Obama should not attack Syria without authorization from the Congress, with market concerns over Syria easing, and petroleum and gold prices falling. On the other than, the number of US initial jobless claims last week was 331,000, down 6,000 from a week earlier, showing US job market continues to improve; annualized US Q2 GDP was revised to a growth of 2.5%, higher than the forecast of 2.2% and initially 1.7%. Besides, it was reported Summers will likely take the place of Ben Bernanke, triggering expectations that the Fed will end QE3 in September, pushing up the US dollar index to 82. Technically market is under short covering as market has witnessed drop in open interest by -15.34% to settled at 7293 while prices up 2.75 rupee, now Copper is getting support at 480.3 and below same could see a test of 473.6 level, And resistance is now likely to be seen at 494.5, a move above could see prices testing 502.

Trading Ideas:

Copper trading range for the day is 473.6-502.

Copper ended with gains as prices recovered as worries over possible military strike against Syria remained

US Q2 GDP grew at an annualized 2.5%, up from the preliminary reading of 1.7%, strengthen the US dollar index

Technically market is under short covering as market has witnessed drop in open interest by -15.34% to settled at 7293