Copper settled up 0.22% at 429.5 despite of concerns over China and euro zone weakness and escalating Russia-Ukraine tension. World No. 1 copper producer Chile is seen boosting its output of the red metal to a record 6.3 million tonnes in 2015, despite an economic slowdown. International news has been dominating metals trade during a summer lull, which has been exacerbated by tougher credit conditions in China as banks have tightened risk controls since a suspected financing fraud in China's Qingdao port in May. In the United States, data showed the economy rebounded more strongly than initially reported for the second quarter, with a bigger chunk of the growth driven by domestic demand in a bright sign for the future. Results from the policy meetings of the European Central Bank and the Federal Reserve, the “targeted interest rate cut” by China’s central bank, and orders from electric power sector will be the focuses for September month. History shows copper prices usually trend up in September, as boom season for copper consuming sectors, including property and electric power, sets in. This year, however, influence of the peak-demand season seemed to be played down. China’s National Bureau of Statistics reported continued declines in profits at large industrials during July, and European Commission said business sentiment in the euro zone sank to an eight-month low in August. Technically market is under fresh buying as market has witnessed gain in open interest by 13.83% to settled at 7777 while prices up 0.95 rupee, now Copper is getting support at 428.2 and below same could see a test of 426.9 level, And resistance is now likely to be seen at 431.1, a move above could see prices testing 432.7.

Trading Ideas:

Copper trading range for the day is 426.9-432.7.

Copper settled up despite concerns over China and euro zone weakness and escalating Russia-Ukraine tension.

World No. 1 copper producer Chile is seen boosting its output of the red metal to a record 6.3 million tonnes in 2015, despite an economic slowdown.

In the U.S., data showed the economy rebounded more strongly than initially reported for the second quarter.