Copper settled up 0.30% at 468.65 recovered from the morning losses as a round of profit taking set in after prices rose to the highest level in nearly three-months on Saturday. Investors awaited further indications over the timing of the Fed's widely expected reduction in monthly bond purchases. The Fed's stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar. The industrial metal was boosted after a raft of upbeat global economic data fuelled hopes for higher demand for the metal. Copper is sensitive to the economic growth outlook because of its widespread uses across industries. Market players remained cautious ahead of the minutes of the Fed's July meeting, due out on Wednesday, for further indications as to when the central bank may start to unwind its USD85 billion-a-month asset purchase program. US data on initial jobless claims and the housing sector later in the week will also be closely watched. Copper traders have closely been looking out for US data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases. Any improvement in the US economy was likely to reinforce the view that the central bank will begin to taper its bond purchase program in the coming months. Meanwhile US hedge funds and money managers sharply added bullish bets in copper futures and options, switching the market into its first net longs since February, data showed. Technically market is getting support at 463.1 and below same could see a test of 457.3 level, And resistance is now likely to be seen at 472.7, a move above could see prices testing 476.5.

Trading Ideas:

Copper trading range for the day is 457.3-476.5.

Copper gains as weakness in rupee supported but upside was limited hit by uncertainty about when U. S. Fed could ease back on stimulus

Copper prices have found support ahead of a seasonally stronger period for demand in China, but growth concerns to curb gains

Fed publishes the minutes of its July 30-31 meeting on Wednesday, and uncertainty remains over pace and timing of plans to trim its bond-buying programme.