Copper settled up 0.46% at 458.65 as China’s appetite for the metal grows despite slowing economy. Surprisingly strong Chinese copper demand is prompting investors to rethink their dour predictions for the metal. Copper consumption by the world's biggest user remains resilient even as China's economy cools and Beijing attempts to tighten access to credit. Stockpiles of the metal in London Metal Exchange warehouses have fallen 50% since late June. A year ago, there were widespread predictions that rising mine production and a slower-growing China would lead to a yawning surplus of metal in the global market. China, which accounts for more than 40% of global copper use, posted a 7.7% rise in gross domestic product last year, down from 9.3% in 2011, according to the World Bank. Deutsche Bank expects supply in the global copper market to exceed demand this year by 320,000 metric tons, less than half of the 750,000 ton surplus it expected at this time a year ago. Stockpiles monitored by the LME fell 0.3 percent to 335,775 tons, the lowest in a year. The pace of U.S. home construction last year was the fastest since 2007, government data showed. Building accounts for about 40 percent of demand, according to the Copper Development Association.  The World Bank lifted its forecast for 2014 global economic growth this week to 3.2 percent from a June projection of 3 percent. Now Copper is getting support at 455.3 and below same could see a test of 451.9 level, And resistance is now likely to be seen at 460.9, a move above could see prices testing 463.1.

Trading Ideas:

Copper trading range for the day is 451.9-463.1.

Copper settled up as China’s appetite for the metal grows despite slowing economy.

Surprisingly strong Chinese copper demand is prompting investors to rethink their dour predictions for the metal.

Stockpiles of the metal in London Metal Exchange warehouses have fallen 50% since late June.