Copper settled up 0.1% at 444.7 after encouraging signs in the U. S. labour market boosted optimism about global growth. Metals were little affected by Friday's data showing that U. S. employers hired far fewer workers than expected in January, causing concerns that economic growth was losing momentum. Data showing dwindling supplies of copper stocks, which raised concerns about immediate availability, has lent support to prices. The figures showed stocks in LME-registered warehouses are at their lowest level in more than a year at 308,025 tonnes. Markets in China, the world's largest copper consumer, reopened on Friday following the week-long Lunar New Year holiday. Recent soft factory data from the country has prompted caution about the outlook for economic growth and copper demand. Earlier, data showed China's services sector grew at its slowest pace in almost 2-1/2 years in January after firms secured a smaller volume of new business, a private survey showed, adding to growing signs of slackening in the Chinese economy. The U. S. Labor Department reported earlier that the U. S. added 113,000 jobs in January, less than an expected 185,000 increase. December's figure was revised up to a 75,000 rise from a previously estimated 74,000 increase. The report also showed that 142,000 jobs were added in the U. S. private sector last month, compared to expectations for a 185,000 increase. In December, the number of jobs created in the private sector was revised up to 89,000 from a previously estimated 87,000. Now Copper is getting support at 443.4 and below same could see a test of 442 level, And resistance is now likely to be seen at 447.1, a move above could see prices testing 449.4.

Trading Ideas:

Copper trading range for the day is 442-449.4.

Copper gained after encouraging signs in the U. S. labour market boosted optimism about global growth.

Metals were little affected by data showing that U. S. employers hired far fewer workers than expected in January.

The poor U. S. data is probably more positive than negative, because it takes the pressure off expectations of tapering