Copper settled down -0.72% at 456.55 weighed down by expectations of increased supplies later in the year, but signs of low availability for immediate consumption limited the decline. Price falls, however, were capped by concerns about a lack of short-term supply in the physical market due to low stockpiles of copper in LME warehouses and port strikes in the world's No. 1 copper producer, Chile. Copper stocks in LME-registered warehouses have been falling steadily since September, and are at around one-year lows. The U.S. economy continued to grow at a moderate pace from late November through the end of 2013, with some regions expecting a pick-up, the Fed said. Investors awaiting data from China due for release next week, including GDP growth, industrial value-added, and manufacturing index. Market was little affected by Ben Bernanke’s last planned public remarks as the Fed's chief. The US initial jobless claims for last week were reported at 326,000, better than expectation and reflecting sustained recovery in labor market. December CPI growth advanced to 1.5% from 1.2%, matching estimates, but was still below the Fed’s 2.0% target. The Philly Fed manufacturing index for January was revised upward to 9.4. Technically market is under long liquidation as market has witnessed drop in open interest by -3.03% to settled at 11785 while prices down -3.3 rupee, now Copper is getting support at 453.9 and below same could see a test of 451.2 level, And resistance is now likely to be seen at 460, a move above could see prices testing 463.4.

Trading Ideas:

Copper trading range for the day is 451.2-463.4.

Copper dropped weighed down by expectations of increased supplies later in the year, but signs of low availability for immediate consumption limited the decline.

Price falls were capped by concerns about a lack of short-term supply in the physical market due to low stockpiles of copper in LME warehouses

Copper stocks in LME-registered warehouses have been falling steadily since September, and are at around one-year lows.