Copper settled down -0.88% at 465.55 as expectations of higher supplies and concerns over Chinese growth weighed on the market. Copper has gained some support from a lack of readily available refined metal because of falling exchange stocks. But ample copper concentrate seen flowing into the market this year will result in swelling supplies. A services gauge from China's statistics bureau and logistics federation dropped to 54.6 in December. Inventories tracked by the Shanghai Futures Exchange reached 125,654 tons this week, the lowest in almost a year, according to data. Orders to remove copper from LME warehouses dropped the most since August to 235,100 tons. Copper stocks in LME-monitored warehouses are at the lowest level since January 2013. Cancelled warrants on the LME now account for about 65 percent of total stocks, so inventories on hand are actually less than the headline figure implies. However, a survey showing that Chinese factory activity expanded at the slowest pace in three months in December served to restrain copper. Signs of an improving global economy have underpinned copper but China's growth is key for the market. Now Copper is getting support at 463.8 and below same could see a test of 462.1 level, And resistance is now likely to be seen at 468.1, a move above could see prices testing
470.7.

Trading Ideas:

Copper trading range for the day is 462.1-470.7.

Copper dropped as expectations of higher supplies and concerns over Chinese growth weighed on the market.

A services gauge from China's statistics bureau and logistics federation dropped to 54.6 in December.

Inventories tracked by the Shanghai Futures Exchange reached 125,654 tons this week, the lowest in almost a year, according to data.