Copper settled -0.08% down at 433.45 giving up last week's gains as the dollar firmed after a surprise drop in the US jobless rate, while traders eyed data from China. Chinese investors gradually returned to markets Monday following China's National Day holiday, so activity on the financial market became more active than last week. Meanwhile World Bank slashed its 2012 GDP growth forecast from 7.6% to 7.2% for East Asia and the Pacific Region, and for China's economic growth forecast from 8.2% to 7.7%, saying that the slowdown in China could get worse and last longer than expected. Besides, the IMF cut China's economic growth to 7.8% for this year and global economic growth for this and next year. Meanwhile, the euro zone FM would hold discussions on Spain's banking crisis and other problems in Luxembourg, while long-lasting worries on the EFS also weighed down markets. Investors thus were concerned over base metals demand outlook and risk aversion retuned to markets again, pushing the US dollar index higher to 79.711. According to the latest news Moody's assigned Aaa rating to the ESM but still gave a negative outlook, and at the same time lowered credit rating for Cyprus while also placing a negative outlook. For today's session market is looking to take support at 431.7, a break below could see a test of 429.9 and where as resistance is now likely to be seen at 434.6, a move above could see prices testing 435.8.

Trading Ideas:

Copper trading range for the day is 429.8-435.8.

Copper prices slipped pressured by a firm dollar and persistent concerns about the outlook for demand from top consumer China.

Also weighing was uncertainty over timing of Spanish bailout request, with little progress expected from euro zone meeting

World Bank also said China's economy will growth 7.7% this year, down from a May forecast of 8.2%.