Copper traded in the range and settled -0.07% down at 452.90 as investors were hesitant to make major moves ahead of a key German court ruling on whether the euro zone's permanent bailout fund is compatible with German law. Market are also looking ahead to the Fed’s next meeting, which will take place on Sept 12 and 13, for more clarity on the central bank’s monetary policy. Investors turned jittery ahead of a closely-watched German court ruling, on the constitutionality of the ESM. Germany’s approval will be necessary in order to implement the ECB’s bond purchasing program announced last week, dubbed OMT. Meanwhile, markets continued to eye the outcome of the Fed’s policy meeting, amid fresh speculation that the US central bank may announce QE3 to boost growth. Market expectations of a QE3 announcement this week increased after last Friday’s weaker than expected jobs report. Copper prices also drew support from ongoing hopes for more stimulus measures by Chinese policymakers to boost economy. China’s government last week approved a $157bn infrastructure spending program to build highways, ports and railways across the country in an effort to stimulate the economy. For today's session market is looking to take support at 450.1, a break below could see a test of 447.3 and where as resistance is now likely to be seen at 455.2, a move above could see prices testing 457.4.

Trading Ideas:

Copper trading range for the day is 447.4-457.4.

Copper settled flat on positive cues from currency markets and looked ahead to key policy decisions in Europe and U.S.

Investors look to Germany court decision, Fed meeting with cautious optimism

Moody’s warned it might downgrade US AAA rating, and expectations of QE3 implementation increased.