Copper on MCX settled down -0.17% at 406.95 as prices pared gains on profit booking after prices rose as worries about supplies from Chile due to the possibility of a strike triggered renewed buying. Freeport-McMoRan Inc, the world's biggest publicly listed copper miner, warned that it would need to start slashing output and jobs at its Indonesia mine by mid-February if it fails to get an export permit from the government. Trump ordered construction of a U. S.-Mexican border wall and punishment for cities shielding illegal immigrants while mulling restoring a CIA secret detention program as he launched broad but divisive plans to reshape U. S. immigration and national security policy. New home sales in the U. S. saw a sharp pullback in the month of December, according to a report released by the Commerce Department. The Commerce Department said new home sales tumbled by 10.4 percent to an annual rate of 536,000 in December after jumping by 4.7 percent to a revised rate of 598,000 in November. With the much bigger than expected decrease, new home sales fell to their lowest level since hitting 525,000 last February. Data showed Japan posted its first trade surplus in six years in 2016, later there is data out on German Ifo business climate, there is a 30-year German bond auction, data on UK industrial order expectations, US house prices and crude oil inventories. The total net long position of funds trading copper on the London Metal Exchange rose to 68,348 lots last Friday from a net long position of 66,837 lots the previous week, the LME's Commitments of Traders Report (COTR) showed. Technically now Copper is getting support at 404 and below same could see a test of 400.9 level, And resistance is now likely to be seen at 409.8, a move above could see prices testing 412.5.

Trading Ideas

# Copper trading range for the day is 400.9-412.5.

# Copper pared gains on profit booking after prices rose as worries about supplies from Chile due to the possibility of a strike triggered renewed buying.

# Unionised workers at BHP Billiton-run Escondida in Chile, the world's biggest copper mine rejected the company's latest wage offer and asked workers to vote for a strike and prepare for an extended conflict.

# Workers at the mine which produced 452,000 tonnes of copper in the six months to end-December will vote on the proposal between Jan. 27-31.