Copper yesterday settled down -0.78% at 408.35 fell sharply to re-approach a five-week low on Thursday, as the industrial metal’s appeal was dented after the World Bank cut its global growth outlook. Copper is sensitive to the economic growth outlook because of its widespread uses across industries. The World Bank lowered its growth estimate for the global economy in 2013 to 2.2%, down from a previous estimate of 2.4%. For next year, the World Bank said it expects 3% growth worldwide, compared to its January forecast for growth of 3.1%. It also lowered its projection for China’s economic growth to 7.7% from 8.4% and said the euro zone's gross domestic product will fall 0.6%. China is the world’s largest copper consumer, while Europe as a region is third in global demand for the industrial metal. Copper traders now looked ahead to the release of official data on U.S. retail sales and the weekly government report on initial jobless claims later in the trading day. Any improvement in the U.S. economy could scale back expectations for further easing, putting upward pressure on U.S. yields and boosting the dollar. Investors have remained cautious in recent sessions amid ongoing speculation over whether the Federal Reserve will begin to unwind its easing program in the coming months. Technically market is under fresh selling as market has witnessed gain in open interest by 4.29% to settled at 22619 while prices down -3.2 rupee, now Copper is getting support at 403.95 and below same could see a test of 399.55 level, And resistance is now likely to be seen at 415, a move above could see prices testing 421.65.

Trading Ideas:

Copper trading range for the day is 405.1-417.9.

Copper dropped as the industrial metal’s appeal was dented after the world bank cut its global growth outlook.

The World Bank lowered its growth estimate for the global economy in 2013 to 2.2%, down from a previous estimate of 2.4%.

More upbeat economic data from the United States was likely to fuel debate about the end of stimulus from central banks.