Copper settled down -0.47% at 444.95 dragged down by a strong dollar and lackluster demand from China ahead of a week-long holiday. The steady retreat was sparked by economic data released last week showing Chinese manufacturing contracted for the first time in six months in January. HSBC's final reading on the sector, released on Thursday, confirmed a slowdown. The official state gauge of Chinese manufacturing is set for release over the weekend. Orders to remove copper from warehouses monitored by the LME slid 23 percent this month, the most since February. Copper prices have also been pressured by mounting worries about the health of developing economies. Global equities markets pulled back this week amid economic and political turmoil in countries from Turkey to Brazil. Traders say copper's losses have been exacerbated by the looming absence of the top buyer in the market. Trading has thinned ahead of the Lunar New Year holiday, which will keep Chinese manufacturers and traders shut starting Friday and extending for the week. The International Monetary Fund urged central banks on Friday to ensure that a financial market rout in the developing world does not lead to an international funding crunch. An IMF spokesman said some emerging market countries need to take "urgent action" to improve their economies, which are under threat by a recent sell-off in markets from India and Turkey to Brazil. Now Copper is getting support at 443.3 and below same could see a test of 441.6 level, And resistance is now likely to be seen at
447.6, a move above could see prices testing 450.2.

Trading Ideas:

Copper trading range for the day is 441.6-450.2.

Copper prices dropped dragged down by a strong dollar and lackluster demand from China ahead of a week-long holiday.

The steady retreat was sparked by economic data released last week showing Chinese manufacturing contracted for the first time in six months in January.

Orders to remove copper from warehouses monitored by the LME slid 23 percent this month, the most since February.