Copper settled down -0.6% at 473.4 as worries are growing that the US may launch military attack on Syria. Markets are eyeing the vote tonight among Congress members over authorization to launch military action on Syria. A Fed official said benchmark interest rates will not be raised until the second half of 2015, pushing. China's imports of unwrought copper and copper semis grew on a year-on-year basis in August. However, market risk aversion deprived commodity prices of any upward momentum. The People's Bank of China President Zhou Xiaochuan published an article expressing that China should construct multi-level capital market, with preferred stocks playing an important role. The issue of preferred stocks eased market concerns of bank equity refinancing, and reflecting Chinese government is deepening financial reform; China's CPI in August rose 2.6% YoY, lower than the forecast of 2.7%, and PPI dropped by 1.6% MoM, compared to a drop of 1.7% in July, and rising for the first time since April on a MoM basis. Market confidence toward stabilization in Chinese economy strengthened. The Chinese NBS said earlier that consumer price inflation rose 2.6% in August, in line with expectations and slowing from 2.7% in July. The inflation report came one day after data showed that China's trade surplus widened to $28.6 billion from a surplus of $17.8 billion in July, compared to estimates for a surplus of $20 billion. Technically market is under fresh selling as market has witnessed gain in open interest by 1.89% to settled at 18362 while prices down -2.85 rupee, now Copper is getting support at 470.1 and below same could see a test of 466.9 level, And resistance is now likely to be seen at 479.4, a move above could see prices testing 485.5.

Trading Ideas:

Copper trading range for the day is 466.9-485.5.

Copper settled down as worries are growing that the US may launch military attack on Syria.

China's broad exports rose more than expected in August, boosted by improving demand for the country's goods in major markets.

Markets are eyeing the vote tonight among Congress members over authorization to launch military action on Syria.