Copper settled down -1.74% at 420.45 slumped the most in 10 weeks as industrial production trailed market's estimates in China, the world's largest consumer. Official data released earlier showed that industrial production in China rose at an annualized rate of 9% in July, in line with forecasts and slowing from an increase of 9.2% a month earlier. Fixed asset investment, which tracks construction activity, increased 17.0% in the January-July period, below expectations for a gain of 17.4% and slowing from 17.3% in the January-June period. A separate report showed that Chinese retail sales rose by a smaller-than-forecast 12.2% last month, compared to a 12.4% gain in June. Meanwhile, Chinese bank lending and money supply growth for July also came in below expectations, underlining concerns about slowing growth in the world's biggest consumer of the industrial metal. Chinese new loans dropped to 385.2 billion yuan last month from 1.08 trillion yuan in June and missed forecasts of 780 billion yuan. The broad M2 money supply rose 13.5% on year in July, compared to growth of 14.7% a month earlier and below forecast for a 14.5% increase. China's total social financing aggregate, a broad measure of liquidity in the economy, fell to 273.1 billion yuan in July, the lowest monthly reading since October 2008. Copper prices have been on a downward trend in recent sessions amid indications of a slowdown in demand from China, the world's largest consumer of the red metal. Technically market is under fresh selling as market has witnessed gain in open interest by 32.29% to settled at 15011 while prices down -7.45 rupee, now Copper is getting support at 418.2 and below same could see a test of 415.9 level, And resistance is now likely to be seen at 424.9, a move above could see prices testing 429.3.

Trading Ideas:

Copper trading range for the day is 415.9-429.3.

Copper dropped after disappointing Chinese economic data fuelled concerns over the health of the world's second largest economy.

Official data released earlier showed that industrial production in China rose at an annualized rate of 9% in July, in line with forecasts.

Meanwhile, Chinese bank lending and money supply growth for July also came in below expectations, underlining concerns about slowing growth.