Copper yesterday traded with the range bound node and settled flat at 426.4 on caution ahead of a meeting later in the session by the ECB, which is expected to cut interest rates to a record low, though additional measures may be needed to support metals. While metal prices are likely be pressured by traders cutting long positions given an uncertain global demand outlook, hopes for more stimulus by major economies such as China and Britain to combat slowing growth could put a floor on prices. The ECB is expected to cut interest rates later today especially after surveys showing all of Europe's biggest economies are in recession or heading there and there is little sign things will improve soon. China's services firms grew at their slowest rate in 10 months in June, easing back from May's 19-month peak, as new order growth cooled albeit while marking 43 months of consistent expansion, a private sector survey showed. Markets awaited the ECB's policy decision later in the day, while the euro was pressured by widespread expectations of a rate cut to support fragile euro zone growth. In yesterday's trading session copper has touched the low of 423.6 after opening at 426.2, and finally settled at 426.4. For today's session market is looking to take support at 424.1, a break below could see a test of 421.9 and where as resistance is now likely to be seen at 428.1, a move above could see prices testing 429.9.

Trading Ideas:

Copper trading range for the day is 421.9-429.9.

Copper settled flat as the dollar rose ahead of expected stimulus from central banks to revive a faltering global economy

Markets awaited ECB's policy decision while euro was pressured by widespread expectations of rate cut to support fragile growth.

Metal prices are likely be pressured by traders cutting long positions given an uncertain global demand outlook