Copper settled down -0.04% at 410.8 amid worries about China's economy but was on track for its monthly rise given peak seasonal demand. However downside seen limited underpinned as dwindling global stocks trigger a rush for remaining supplies and by seasonally robust demand from China. Worries resurfaced about the health of China's economy after Beijing called on local governments to speed up their spending over the next month to boost activity, ahead of a key manufacturing gauge at the weekend. Output at the world's No. 1 copper producer, Chile's Corporacion Nacional del Cobre , slipped slightly in the first quarter and its profit dived as metal prices fell and ore grades deteriorated, the state-owned miner said. Copper prices in the January to end-March period were an average 11 percent lower than in the same quarter the year before. Stockpiles of copper tracked by the London Metal Exchange plunged the most since 2005 in May, and the monthly drop was the 11th in a row, data from the bourse showed. Inventories of copper tracked by leading exchanges slid 45 percent this year to the lowest since 2008, according to data. Financial markets in China, the world's biggest copper consumer, will be shut June 2 for the Dragon Boat Day holiday. Some worries about China's economy resurfaced on Thursday after Beijing called on local governments to accelerate their spending over the next month to boost activity. Technically market is under fresh selling as market has witnessed gain in open interest by 1.04% to settled at 15196 while prices down -0.15 rupee, now Copper is getting support at 409 and below same could see a test of 407.3 level, And resistance is now likely to be seen at 413.1, a move above could see prices testing 415.5.

Trading Ideas:

Copper trading range for the day is 407.3-415.5.

Copper fell amid worries about China's economy but was on track for its monthly rise given peak seasonal demand.

However downside seen limited underpinned as dwindling global stocks trigger a rush for remaining supplies and by seasonally robust demand.

Copper output at Chile's Codelco drops slightly in first quarter