Copper settled up 0.89% at 445.85 advanced on Wednesday, after upbeat Chinese trade data eased fears over a slowdown in the world's second-largest economy. Data released earlier showed that China's trade surplus widened to USD31.86 billion last month from a surplus of USD25.6 billion in December, compared to estimates for a surplus of USD23.65 billion. Chinese exports climbed 10.6% from a year earlier, beating expectations for a 2% increase and following a 4.3% gain in December. Imports rose 10%, compared to forecasts for a 3% increase. According to the data, the Asian nation imported a record-high 536,000 tons of anode, refined copper, alloy and semi-finished copper products in January, up 21% from December. China is the world's largest copper consumer, accounting for almost 40% of world consumption last year. Meanwhile, comments from Federal Reserve Chair Janet Yellen continued to support sentiment. In her first congressional testimony on Tuesday, Fed Chair Yellen said that the central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected. She added that the pace of the central bank's bond purchases are not on a "preset course", while reiterating that Fed plans to hold interest rates at zero "well past" the time the jobless rate falls below 6.5%. Technically market is under short covering as market has witnessed drop in open interest by -21.35% to settled at 9663 while prices up 3.95 rupee, now Copper is getting support at 443.6 and below same could see a test of 441.2 level, And resistance is now likely to be seen at 447.3, a move above could see prices testing 448.6.

Trading Ideas:

Copper trading range for the day is 441.2-448.6.

Copper advanced after upbeat Chinese trade data eased fears over a slowdown in the world's second-largest economy.

Data showed that China's trade surplus widened to USD31.86 billion last month from a surplus of USD25.6 billion in December

Chinese copper imports surged 53.2% in January from a year ago to a record high as tight credit conditions late last year encouraged traders to boost shipments