Copper settled up 0.89% at 459.55 regained strength on Monday to bounce off low, as a broadly weaker U. S. dollar boosted the appeal of the industrial metal. The selloff in financial markets was triggered after data last week pointed to a steeper than expected slowdown in Chinese manufacturing, fuelling fears that weakness could spread to other emerging market economies. China's inbound shipments of refined copper surged 30.81% year-on-year in December. At the same time, the long-term trend appears to be less optimistic, with imports falling 5.77% on an annual basis in the period between January and December 2013. Rising production in Chile, the world's top produce, also put pressure on the red metal's prices. Chilean output may rise to six million tonnes this year compared to 5.77 million tonnes in 2013, reported. Investors were looking ahead to the outcome of the Federal Reserve's monthly meeting on Wednesday, amid expectations for a reduction in its bond buying program to USD65 billion from the current USD75 billion. The policy meeting will mark the last for outgoing Fed Chairman Ben Bernanke, as current Vice Chair Janet Yellen prepares to take over. In addition, the initial estimate of U. S. fourth quarter gross domestic product is reported on Thursday. Technically market is under fresh buying as market has witnessed gain in open interest by 1.04% to settled at 9810 while prices up 4.05 rupee, now Copper is getting support at 455.9 and below same could see a test of 452.2 level, And resistance is now likely to be seen at 462, a move above could see prices testing 464.4.

Trading Ideas:

Copper trading range for the day is 452.2-464.4.

Copper regained strength to bounce off lows, as a broadly weaker U. S. dollar boosted the appeal of the industrial metal.

Earlier prices seen under pressure on worries about China's economic slowdown and its shadow banking sector as well as concerns about Fed decision.

Daily London Metal Exchange data showing copper stocks continued to dwindle, however, prevented deeper losses.