Copper settled up 0.9% at 470 despite LME was closed and volumes where expected to remain light as holidays in many countries limit activity. Copper's strong gains on Tuesday were attributed to an erroneous trade, which then triggered a late-session rally. The CME Group, operator of the Comex, said that an "error trade" had occurred Tuesday morning at around 11:49AM EST, and that the exchange was adjusting any trades that took place above USD3.42 at that time downward to USD3.42, according to a spokesman. There was no floor or electronic trading on Wednesday because of the Christmas holiday. Volumes were expected to remain light on Thursday, with year-end positioning and profit-taking driving flows. Market players looked ahead to weekly U. S. data on initial jobless claims later in the day to gauge if the U. S. economy will be strong enough to allow the Federal Reserve to continue withdrawing support through 2014. Copper prices have been well-supported in recent weeks amid indications the U. S. economic recovery is deepening. The U. S. is second behind China in global copper demand. Technically market is under fresh buying as market has witnessed gain in open interest by 8.45% to settled at 14283 while prices up 4.2 rupee, now Copper is getting support at 467.6 and below same could see a test of 465.2 level, And resistance is now likely to be seen at 471.5, a move above could see prices testing 473.

Trading Ideas:

Copper trading range for the day is 465.2-473.

Copper rose on growing confidence about the global economy, year-end covering and the prospect of purchases from China's state reserves.

Strong U. S. economic data and a bullish growth forecast for China, fuelled hopes about stronger demand for copper and other industrial metals.

Japan's output of rolled copper product rose to 67,751 tonnes in November on a seasonally adjusted basis, up 9.6 percent from a year earlier