Copper on MCX settled down -0.39% at 403.65 while overall traded in the range amid a cooling in China’s property market and supply uncertainties, while the market awaits clearer direction from the US FOMC meeting minutes due to be released. In minutes from the Fed’s Jan. 31-Feb. 1 meeting, Fed members indicated an interest in hiking rates “fairly soon” but noted that the fiscal policy of President Donald Trump was still a wild card. Hints that the Fed will move to raise rates rapidly typically leads to a stronger dollar. That, in turn, usually provides a headwind to dollar-pegged assets including metals, making them less attractive to buyers using other monetary units. Following the release of the minutes, however, the dollar declined. Meanwhile pressure also seen after the China’s NBS on Wednesday said that 11 of 15 tier-one and tier-two cities saw the average price of new homes fall on a monthly basis. House prices in tier-three cities remained stable. The Chinese housing market is a major consumer of copper products, with a strong performance in the market providing support for the red metal last year. In Chile, Escondida's owner BHP Billiton and the striking workers met for government-mediated talks but the two parties did not commit to a schedule of new wage discussions. However, BHP did say it would not start replacing the striking workers for at least 30 days as a sign of its commitment to dialogue. Meanwhile, Freeport-McMoRan has warned it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world's second-biggest copper mine. Technically market is getting support at 401 and below same could see a test of 398.4 level, And resistance is now likely to be seen at 405.4, a move above could see prices testing 407.2.

Trading Ideas:

# Copper trading range for the day is 398.4-407.2.

# Copper traded in the range amid a cooling in China’s property market and supply uncertainties.

# China's home price growth slowed for the fourth straight month as demand cooled further in the biggest cities, official data showed.

# In Chile government-mediated talks but the two parties did not commit to a schedule of new wage discussions.