Copper settled with a marginal gain by +0.7% up at 422.85 but still continued to trade near a two-week low as worries over the outlook for global economic growth weighed on demand for the industrial metal. Copper prices found mild support after Chinese Premier said the country needs to maintain “a certain amount” of economic growth, fuelling expectations for further easing measures from Beijing. Concerns over a deeper than expected slowdown in China resurfaced after official data showed that Chinese exports and imports in June slowed from the previous month, as weakening global demand weighed. Investors were looking ahead to Chinese economic data due, including Q2 growth figures, to gauge whether China is a heading towards a hard or a soft landing. Market also eyed the release of the minutes of the Federal Reserve’s most recent policy meeting, which could show whether the central bank is leaning toward more stimulus to boost growth. Markets remained jittery after the German Constitutional Court delayed on Tuesday its decision on whether the euro zone's bailout fund, the European Stability Mechanism, is compatible with German law. For today's session market is looking to take support at 419.1, a break below could see a test of 415.3 and where as resistance is now likely to be seen at 425.2, a move above could see prices testing 427.5.

Trading Ideas:        

Copper trading range for the day is 415.3-427.5.

Copper rose ahead of the release of minutes from the Federal Reserve's latest policy meeting

Fed meeting minutes revealed that only a small number of members saw the need to introduce more stimulative measures

U.S. Federal Reserve is open to the possibility of buying more bonds to stimulate the economy