Copper yesterday traded with the negative node and settled -0.55% down at 423.95 following data showing more gloom about the global economy. Pressure seen Markit said that manufacturing activity in the euro zone contracted at the fastest pace since June 2009 in May. Its preliminary manufacturing purchasing managers' index fell by
0.9 points to a seasonally adjusted 45.0 in May from a final reading of 45.9 in April. Reduced levels of output, new orders and employment meant that the headline German manufacturing PMI fell to its lowest since June 2009. Copper traders also remained risk adverse after Wednesday's summit of European Union leaders made little signs of progress in tackling the debt crisis in the region. Leaders reiterated that they want Greece to remain in the euro area, but urged the country to honor its commitments to austerity measures and the reforms demanded under its bailout program. Prices have tracked investor sentiment toward the euro zone's debt crisis in recent months. In yesterday's trading session copper has touched the low of 423.15 after opening at 425.95, and finally settled at 423.95. For today's session market is looking to take support at 422.2, a break below could see a test of 420.4 and where as resistance is now likely to be seen at 426.7, a move above could see prices testing
429.5.

Trading Ideas:

Copper trading range for the day is 420.3-429.5.

Copper ended lower as worries mount about a possible Greek exit from the euro zone and on global economic growth.

Investors hope weaker manufacturing data in China could lead to stimulus

Copper got a boost from U. S. durable goods orders, which rose 0.2% in April, beating forecasts for a 0.3% decline.