Copper settled up 0.56% at 428.55 rebounded from the day's low as bottom fishers entered the market after declined by 2.5% the previous week. Yesterday in earlier session China's latest production data reignited concerns over China's housing market and the sizable metal stocks. LME three-month copper moved around a three-week low and tested a low of USD 6,968/mt. In addition, the conflict between Israel and Palestine has caused hundreds to die, while the crashed Malaysia Airlines passenger jet may prompt the EU to impose further sanctions on Russia. In other news, the Chicago Fed national activity index was reported down and below forecast in June, fueling risk aversion in the market and pushing down US stock prices. However, investors turned to gold and crude oil due to the escalating geopolitical crises, with gold prices rallying and crude oil posting a 1.4% rise. Later, LME copper prices followed LME aluminum and zinc up and closed at USD 7,029/mt. Market players also feared a slowing real estate sector in China. Data on Friday showed that house prices rose by 4.2% in June, trailing the preceding month's 5.6% jump. Meanwhile, Chinese imports of refined copper fell by 8.16% to 255 041 tons on an annual basis in June. Any signs of economic slack in China, including in the real estate sector, causes wide fluctuations in copper's pricing as the Asian nation accounts for around 40% of global consumption. Technically market is under short covering as market has witnessed drop in open interest by -3.31% to settled at 9413 while prices up 2.4 rupee, now Copper is getting support at 425.9 and below same could see a test of 423.1 level, And resistance is now likely to be seen at 430.4, a move above could see prices testing 432.1.

Trading Ideas:

Copper trading range for the day is 423.1-432.1.

Copper rebounded from the day's low as bottom fishers entered the market after declined by 2.5% the previous week.

The International Monetary Fund (IMF) raised its GDP forecasts for Germany from 1.7% to 1.9% this year and from 1.6% to 1.7% in 2015.

China's imports of refined copper stood at 255,041 tonnes in June, down 8.16 percent from a year ago, data released showed.