Copper on MCX settled up 0.83% at 405.25 as support seen after data showed top consumer China imported more of the metal last year. China shipped in a record 4.95 million tonnes of copper in 2016, up 2.9 percent from a year earlier, while December imports shot up almost 30 percent from the previous month, according to customs data released. China’s imports of unwrought copper and copper-fabricated products totalled 4.95 million tonnes in 2016, up 2.9% on the previous year, according to preliminary customs data showed. LME stocks were down 954 tonnes to 370,866 tonnes and cancelled warrants fell 1,200 tonnes to 132,864 tonnes. The big rise in December was a function of China's strong new yuan loan growth in December and a positive arbitrage window between the Shanghai Futures Exchange and the LME. However, sentiment in broader markets soured as trade data showed China's massive export engine sputtered for the second year in a row in 2016, with shipments falling in the face of persistently weak global demand. Trump's first news conference since the Nov. 8 election contained no details on tax cuts and infrastructure spending, two factors that had fuelled the five-week rally in stocks and a selloff in global bond markets. Hopes Trump would unleash waves of fiscal spending on infrastructure were a driver for copper prices to punch through the $5,000 a tonne mark late last year. Freeport-McMoRan and other copper miners have halted Indonesian shipments of copper concentrates to abide by a government ban on exports of unprocessed metal ores that took effect on Thursday, a mining ministry official told. Technically market is under fresh buying as market has witnessed gain in open interest by 0.18% to settled at 20021 while prices up 3.35 rupee, now Copper is getting support at 400.6 and below same could see a test of 395.7 level, And resistance is now likely to be seen at 408, a move above could see prices testing 410.5.

Trading Ideas:

Copper trading range for the day is 395.7-410.5.

Copper prices gained as support seen after data showed top consumer China imported more of the metal last year.

China shipped in a record 4.95 million tonnes of copper in 2016, up 2.9 percent from a year earlier.

China's copper imports in December rose almost 30 percent to 490,000 tonnes from a month earlier, the official data showed.