Copper settled down at 435 fell from a four-month high on Monday, after International Monetary Fund Managing Director Christine Lagarde hinted that the agency may be preparing to cut its global growth forecasts. IMF chief Christine Lagarde warned over the weekend that the pace of global growth may be “less robust that expected” in the second half of the year due to “lackluster” investment. She added that risks remain in the U. S. even as its rebound accelerates and that the European recovery is still not as strong as it should be. The Washington-based agency will publish its latest forecasts for growth later this month, having predicted in April that the global economy will expand by 3.6% this year and 3.9% in 2015. Copper is sensitive to the economic growth outlook because of its widespread uses across industries. Meanwhile, investors looked ahead to key economic data out of China and the U. S. later in the week to gauge the health of the global economy. China is due to release data on consumer price inflation on Wednesday, followed by a report on the trade balance on Thursday. In the U. S., the Federal Reserve is due to release the minutes of its June policy meeting on Wednesday. Upbeat nonfarm payrolls data released last week bolstered the outlook for the broader economic recovery and revived speculation over when the central bank may start to raise interest rates. Technically market is under fresh selling as market has witnessed gain in open interest by 13.72% to settled at 12008 while prices down -0.1 rupee, now Copper is getting support at 432.4 and below same could see a test of 429.7 level, And resistance is now likely to be seen at
436.7, a move above could see prices testing 438.3.

Copper trading range for the day is 429.7-438.3.

Copper settled down after IMF's MD Christine Lagarde hinted that the agency may be preparing to cut its global growth forecasts.

China is due to release data on consumer price inflation on Wednesday, followed by a report on the trade balance on Thursday.

In the U. S., the Federal Reserve is due to release the minutes of its June policy meeting on Wednesday.

Warehouse stock for Copper at LME was at 159350mt that is up by 2850mt.

SELL COPPER AUG BELOW 434.50 SL 437.50 TGT 431.80-428.50. MCX