Copper settled down at 417.65 overall traded in the range but with pressure mounting on higher level as Italy saw borrowing costs surge to the highest level since De at an auction of five and ten year government debt earlier in the day. Investors also remained cautious ahead of a key EU summit scheduled today. Market sentiment remained fragile ahead of an EU summit due to begin later in the day, amid worries the talks will not result in any effective steps to strengthen fiscal integration and allow the euro zone's rescue funds to buy government debt. Hopes that European leaders would make headway on dealing with the debt crisis in the region faded after German Chancellor reiterated her opposition to the idea of joint euro zone bonds. Adding to the risk adverse environment, a German government official indicated earlier that the EU summit would not result in any detailed decisions and warned against high expectations among investors ahead of the outcome. A deeper slowdown in China would impair a global expansion that is already faltering because of debt crisis in the euro zone. For today's session market is looking to take support at 415.8, a break below could see a test of 414 and whereas resistance is now likely to be seen at 420.8, a move above could see prices testing 423.9.

Trading Ideas:

Copper trading range for the day is 414-424.

Copper down marginally with pressure mounting on higher level as Italy saw borrowing costs surge.

Investors also remained cautious ahead of a key EU summit scheduled today

Slowdown in China would impair a global expansion that is already faltering because of debt crisis in the euro zone.