Copper settled down -0.95% at 425.95 as prices slipped after a closely watched U.S. home-price index missed expectations, amid broader concerns about demand. Pressure also seen on prices due to rising US dollar and growing worries about a possible interest rate hike by the US Fed.  The Consumer Confidence Index rose to its highest since October 2007 in August. Durable goods orders also posted their biggest rise in July, but the sharp increase was mainly contributed by plane orders. The much-concerned US home price index missed forecast, growing more slowly, as weak wage growth curbed the rise in home prices. That said, the US shares still rebounded, with the S&P 500 standing above 2,000 and hit a record high. Newmont Mining has withdrawn its arbitration claim against the Indonesian government, allowing the company to start copper production and exports from its Batu Hijau copper and gold mine. The company said it will develop an Indonesian copper smelter with Freeport McMoran and take part in supply agreements with two Indonesian companies that will process the copper ore locally. Newmont filed for international arbitration in June after being unable to reach an agreement with the government after Indonesia implemented a mineral ore export ban in January and a rising export tax on copper concentrates. Technically market is under long liquidation as market has witnessed drop in open interest by -8.96% to settled at 8829 while prices down -4.1 rupee, now Copper is getting support at 423.8 and below same could see a test of 421.7 level, And resistance is now likely to be seen at 428.6, a move above could see prices testing 431.3.

Trading Ideas:

Copper trading range for the day is 421.7-431.3.

Copper prices slipped after a closely watched U.S. home-price index missed expectations, amid broader concerns about demand.

Pressure also seen on prices due to rising US dollar and growing worries about a possible interest rate hike by the US Fed

Durable goods orders also posted their biggest rise in July, but the sharp increase was mainly contributed by plane orders.