Copper settled up 0.64% at 427.5 as prices seen supported as brightening economic prospects for US eclipsed concerns over China's struggling property market but caution over China's stuttering property markets kept traders cautious and capped gains. Business growth in China and across Europe slowed this month, surveys showed on Thursday, but U. S. activity picked up speed, leaving a mixed picture of global economic growth. U. S. home resales raced to a 10-month high in July and the number of Americans filing new claims for jobless benefits fell last week, signaling strength in the economy. China's refined copper imports fell to 244,959 tons in July, the lowest since May 2013, according to data from the General Administration of Customs. That is down from 255,041 tons in June and 291,846 tons a year earlier. The global world refined copper market showed a 69,000 tonne deficit in May, compared with a 186,000 tonne deficit in April, the ICSG said in its latest monthly bulletin. More supply was expected after Freeport-McMoRan Inc's Indonesia unit resumed copper concentrate shipments this month after a seven-month hiatus. A key production unit at Chilean state copper miner Codelco's Ministro Hales deposit is now operating normally and nearly at full capacity after a start-up delay. Market research group Markit said that its preliminary U. S. manufacturing purchasing managers' index increased to a four-year high of 58.0 this month from a final reading of 55.8 in July. Data also showed that U. S. existing home sales increased 2.4% to 5.15 million units last month from 5.03 million in June. Technically market is under short covering as market has witnessed drop in open interest by -5.09% to settled at 10382 while prices up 2.7 rupee, now Copper is getting support at 426.2 and below same could see a test of 424.8 level, And resistance is now likely to be seen at 428.7, a move above could see prices testing 429.8.

Trading Ideas:

Copper trading range for the day is 424.8-429.8.

Copper seen supported as brightening economic prospects for US eclipsed concerns over China's struggling property market.

China's refined copper imports fell to 244,959 tons in July, the lowest since May 2013, according to data.

Data last week showed that U. S. existing home sales increased 2.4% to 5.15 million units last month from 5.03 million in June.