Copper on MCX settled down -0.14% at 312.05 with China's economic growth meeting expectations in the third quarter but an impending slowdown in real estate growth painting a mixed outlook for metals demand. China's economy grew 6.7 percent in the third quarter from a year earlier, steady from the previous quarter, boosted by factors such as increased government spending. Real estate investment growth, a bellwether of metals demand, beat expectations, although cities' measures to restrict home sales mean the demand growth may cool in the months ahead. China's new construction starts in September, measured by floor area, were down 19.4 percent from a year ago, a sharp deceleration from 3.3 percent in August. Supporting the dollar, U. S. consumer prices recorded their biggest gain in five months in September, pointing to a steady pickup in inflation that could keep the Federal Reserve on track to raise interest rates in December. Underpinning prices, BHP Billiton , the world's biggest diversified miner, said on Wednesday its 2017 copper output guidance was under review after a power disruption this month at the Olympic Dam mine. Copper inventories in LME-registered warehouses stocks rose another 2,625 tonnes on Tuesday as they continued to recover from last week's five-week low. The Chinese government said in the latest update of its five-year industry plan that China's base metals consumption is set to slow over the next four years. Technically market is under fresh selling as market has witnessed gain in open interest by 5.19% to settled at 37825 while prices down -0.45 rupee, now Copper is getting support at 310.4 and below same could see a test of 308.6 level, And resistance is now likely to be seen at 313.5, a move above could see prices testing 314.8.

Trading Ideas:

Copper trading range for the day is 308.6-314.8.

Copper dropped with China's economic growth meeting expectations in the third quarter.

Prices also seen under pressure amid talk that Freeport-McMoRan has resumed operations at its Grasberg mine in Indonesia.

Copper inventories in LME-registered warehouses stocks rose another 2,625 tonnes as they continued to recover from last week's five-week low.