Copper steadied after prices dropped when U.S. President-elect Donald Trump rattled investors by saying the dollar was too strong. But supporting prices were U.S. data showing industrial production in December recorded its biggest increase in two years. Investors were looking ahead to GDP and industrial output data on Friday from China, the world's biggest copper consumer. Barclays raised its forecast for global copper demand this year to 3 percent from 2 percent and said disruptions towards the end of last year had pushed back production at several key mines, tightening supply. The bank estimated that $100 billion of U.S. construction spending would increase copper demand by 73,000 tonnes - a fraction of global demand estimated at around 23 million tonnes this year. With euro zone growth and inflation slowly picking up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. China's economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three quarters, supported by higher government spending and record bank lending that has stoked concerns about debt risks. Japan's government could debate after April revising its target of eliminating the primary budget deficit by 2021, two government sources said, as infrastructure spending and a delay in the sales tax hike make wiping out the deficit unlikely. Technically market is under fresh selling as market has witnessed gain in open interest by 1.93% to settled at 17138 while prices down -0.25 rupee, now Copper is getting support at 392.3 and below same could see a test of 390.6 level, And resistance is now likely to be seen at 395.7, a move above could see prices testing 397.4.

Trading Ideas:

Copper trading range for the day is 390.6-397.4.

Copper steadied after prices dropped when U.S. President-elect Donald Trump rattled investors by saying the dollar was too strong.

China's economy likely grew by a steady 6.7 percent in the fourth quarter, the same pace as in the previous three quarters

Barclays raises 2017 copper price forecasts to $5,458/t (248 c/lb) and iron ore to $62.5/t