Copper settled down at 429.75 skidded to within sight of its lowest since last few week, as concerns over geopolitical tensions in Iraq and Ukraine clouded the outlook for demand amid thin summer trade. Copper prices have been hemmed in a range of 425-438 since July, with demand cooling over the northern hemisphere summer and with a squeeze on metal supply beginning to ebb as key smelters in China and South Korea restart after maintenance. Improving supply is setting up copper for lower prices in the months ahead, although trading conditions are likely to remain quiet in the near term. Also the U. S. and global recoveries have been "disappointing" so far and may point to a permanent downshift in economic potential, U. S. Federal Reserve Vice Chair Stanley Fischer said on Monday. Growth momentum in most major developed economies is stable although Germany and Japan both show signs of losing steam, the OECD said on Monday. Prospects of stimulus in China have supported copper prices. Meanwhile China posted mild consumer inflation on Saturday, well below the annual target in July, giving authorities room to further relax monetary policy, but deflationary pressure for producers remained stubborn, highlighting a wobbly economic rebound. Technically market is under fresh selling as market has witnessed gain in open interest by 4.93% to settled at 10742 while prices down -0.15 rupee, now Copper is getting support at 428.4 and below same could see a test of 426.9 level, And resistance is now likely to be seen at 432.1, a move above could see prices testing 434.3.

Trading Ideas:

Copper trading range for the day is 426.9-434.3.

Copper settled flat as easing of tensions between Russia and Ukraine and optimism about China's economy offset expectations of rising copper supplies.

This week, industrial production data from China and the United States should paint a clearer picture about the health of the global economy.

Robust Chinese export numbers on Friday pointed towards healthy metals use.