Copper settled down -0.36% at 457.05 fluctuated between modest gains and losses on Monday, as market sentiment remained mildly supported after Friday's upbeat U. S. economic growth data, while lingering concerns over higher borrowing costs in China weighed. The Commerce Department said Friday that the U. S. economy expanded by 4.1% in the third quarter, well above initial estimates for 3.6% growth, adding to signs that the economic recovery is gaining traction. Also, the International Monetary Fund on Sunday raised its forecast for 2014 U. S. economic growth to 2.5%, up from the 1.6% it expects the country to grow this year. IMF Managing Director Christine Lagarde said on NBC's "Meet the Press" said that the recent budget deal in Washington and the Federal Reserve's decision to taper its bond buying program eased doubts about the future. The U. S. is second behind China in global copper demand. Meanwhile, investors continued to fret over tightening liquidity conditions and rising borrowing costs in the Chinese financial system. The benchmark seven-day repo rate jumped to 9.8%, the highest since June. Market players have remained cautious over the level of bad debt at Chinese banks, particularly when interbank lending rates are high. China is the world's largest copper consumer, accounting for almost 40% of world consumption last year. Technically market is under long liquidation as market has witnessed drop in open interest by -3.24% to settled at 12276 while prices down -1.65 rupee, now Copper is getting support at 455.9 and below same could see a test of 454.6 level, And resistance is now likely to be seen at 458.9, a move above could see prices testing 460.6.

Trading Ideas:

Copper trading range for the day is 454.6-460.6.

Copper ended with losses as prices were not significantly boosted, as trading activity was dull before the Christmas.

Data out showed China's imports of refined copper in November jumped 31.22 percent to 328,907 tonnes.

Technically market is under long liquidation as market has witnessed drop in open interest by -3.24% to settled at 12276