Copper yesterday traded with the negative node and settled -0.24% down at 445.40 as the macro news and economic data fronts were relatively quiet last Friday. There was rumor while the day for Spain's rescue draws near a large number of people in Madrid protested against Spanish government's continuous austerity measures September 22. But Spain was negotiating with the European Commission which plans to introduce new Spanish rescue plan in the immediate future. Nevertheless, German FM said clearly that Spanish government did not require additional rescue from the euro zone's rescue funds, and the real problem of the country was how to gain market confidence. As a result, LME copper prices stayed within previous trading range and settled at USD 8,292/mt. Negotiations will be restarted one week later and are aimed at reaching consensus on Greece's new austerity plan of around EUR 12 billion and economic reform measures, laying foundations for the next rescue fund of EUR 31 billion. As negotiations are delayed, a Greek default risk is growing again, while Spanish government is also facing heavy debts with fewer impacts on deficit actions but increasing bad loan ratio. For today's session market is looking to take support at 445.1, a break below could see a test of 444.7 and where as resistance is now likely to be seen at 445.9, a move above could see prices testing 446.3.

Trading Ideas:

Copper trading range for the day is 444.7-446.3.

Copper dropped due to rupee firmness but downside was limited supported by hopes that recent stimulus measures

The global refined copper market was facing a deepening production deficit this year.

China's Customs report showed that Copper concentrate imports increased by 2.75% in month of August to 694515 tns