Copper settled 1.77% up at 437.30 rose to a 7week high ahead of the ECB's meeting when it is expected to announce a program to ease the region's debt crisis. Markets have been expecting ECB President Draghi to unveil, at a policy meeting, a bold plan of bond buying, which caused the euro to rally. Stimulus measures aimed at facilitating economic growth would increase demand for industrial metals, which has recently eased alongside industrial activity in most regions. Policy makers will discuss this plan later, and Draghi will announce whether or not this plan is approved at the press conference. But Draghi has said firmly that the main responsibility of the ECB is to intervene in bond markets and win back domination on interest rates to preserve the euro zone. However, Weidmann said the ECB's move of debt buying program is like drinking poison, and will cause debt plagued countries to become dependent on aids. Nevertheless, commodity markets were still boosted significantly. Besides, the US Labor Department announced revised non-farm productivity rose 2.2% in 2Q, better than market anticipations. Investors should be cautious that copper prices may experience some drops when market transactions return to rationality. For today's session market is looking to take support at 429.9, a break below could see a test of 422.4 and where as resistance is now likely to be seen at 443.9, a move above could see prices testing 450.4.

Trading Ideas:

Copper trading range for the day is 422.4-450.4.

Copper gained on reports that ECB will unveil a new government bond-buying program to control euro debt crisis

Stimulus measures or monetary easing intended to relaunch economic growth would strongly benefit metals demand growth

A forecast deficit in copper supply this year however was supporting the metal price.