Copper settled down -0.4% at 455.55 as investors weighed U. S. economic data for clues about future growth and likely copper demand from world's no. 2 consumer of the industrial metal. U. S. retail sales rose 0.2% in December, beating economist forecasts of a 0.1% increase. The increase came despite a big falloff in auto sales in a sign that consumers were willing to spend more on other goods as the holiday shopping season wrapped up. The report was a mixed reading on future copper demand, as the automotive sector is a large consumer of copper electrical wiring and tubing, but other sectors like electrical home goods and personal electronics also contribute to U. S. copper demand. Copper traders also continued to focus on the weak U. S. labor market report released on Friday. The data sparked worries that the Federal Reserve is curtailing stimulus efforts before the economy is strong enough to maintain its momentum. The US added 74,000 new jobs in December, the Labor Department reported, far short of the 200,000 forecast. The report marked a surprisingly weak end of the year for the country's labour market and potentially complicates the Federal Reserve's plans for a further scaling back of its stimulus efforts. The Fed in December announced it would scale back its monthly $US85 billion bond purchases by $US10 billion a month, starting in January. Some market watchers also have raised the possibility that Fed officials may be more cautious in reducing the stimulus program or keep the supportive measures in place for longer in response to the data. Technically market is under fresh selling as market has witnessed gain in open interest by 6.82% to settled at 12217 while prices down -1.85 rupee, now Copper is getting support at 453.7 and below same could see a test of 451.7 level, And resistance is now likely to be seen at 458, a move above could see prices testing 460.3.

Trading Ideas:

Copper trading range for the day is 451.7-460.3.

Copper slipped as investors weighed U. S. economic data for clues about future growth and likely copper demand from world's no. 2 consumer of the industrial metal.

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