Copper settled down -0.33% at 407.4 on rupee firmness after finding support from a pledge by Chinese authorities to support growth as well as shortfall in supply. Premier Li Keqiang said China's economy will grow 7.5 percent, maintain medium-to-high growth in the long run. Fed Chairwoman Janet Yellen’s remarks on economy and job market following the policy meeting were welcomed by the market. Meanwhile, the Ukrainian authorities will cease fire unilaterally in the east regions of Ukraine to encourage rebels to disarm and facilitate the exit of mercenaries. The Ukrainian Prime Minister revealed that the government would grant amnesty to those who lay down their arms and did not commit serious crimes. In Iraq, the Sunni Muslim insurgents launched an attack on the country’s biggest oil refinery at Baiji north of Baghdad, resulting in a production halt at the facility. In response, crude oil prices went up. Moreover, the Chinese Premier Li Keqiang stated during a visit to Britain that the central government would ensure a GDP growth at or above 7.5% this year to create sufficient jobs, while keeping CPI below 3.5%. Data from the National Bureau of Statistics (NBS) showed that prices for new residential real estate in only 15 cities among 70 major medium and large cities rose in May, the smallest number since May 2012. Technically market is under long liquidation as market has witnessed drop in open interest by -3.82% to settled at 16560 while prices down -1.35 rupee, now Copper is getting support at 405.4 and below same could see a test of 403.3 level, And resistance is now likely to be seen at 410, a move above could see prices testing 412.5.

Trading Ideas:

Copper trading range for the day is 403.3-412.5.

Copper dropped on rupee firmness after finding support from a pledge by Chinese authorities to support growth as well as shortfall in supply.

Premier Li Keqiang said China's economy will grow 7.5 percent, maintain medium-to-high growth in the long run.

Later, the US Fed announced to cut its bond buying program another USD 10 billion to USD 35 billion per month.