Copper yesterday traded with the negative node and settled -1.29% down at 419.90 after data showed China's import growth slowed sharply in June, raising concerns over a "hard landing" in the world's second largest economy. Losses were limited amid expectations that relentlessly poor data from China will push policy makers to introduce fresh stimulus to support the economy. But today we can see bounce again as investors can book there shorts ahead of this week's China GDP data, which may shed more light on the health of the world's second largest economy. Festering worries over the global economy are also keeping market participants cautious. The European debt crisis and disappointing growth in the US and China are worrisome, but the US economy is still some way from needing more asset-buying stimulus, a US Fed policymaker said. Meanwhile Fitch Ratings affirmed its AAA credit rating on the US and maintained a negative outlook, citing a diversified and wealthy economy that is undermined by the government's inability to agree on deficit reduction measures. China's June trade data stoked anxiety about the strength of domestic demand in the world's second biggest economy as imports rose at only half the pace expected, signalling a need for Beijing to do more to bolster growth. For today's session market is looking to take support at 417.9, a break below could see a test of 415.8 and where as resistance is now likely to be seen at 423.5, a move above could see prices testing 427.

Trading Ideas:

Copper trading range for the day is 415.8-427.

Copper dipped after a sharp fall in Chinese metal imports reflected a bleaker demand outlook

Total imports of China were curtailed in June, stoking concerns about the strength of domestic demand

Fitch has affirmed its AAA credit rating on the US but still placed on a negative outlook, imposing great pressure to markets.