Copper slid weighed down by fresh worries about Spain's debt crisis, a stronger dollar and major metals consumer China's warning against relaxing curbs on speculation in the copper-hungry property sector. Spain's heavily indebted eastern region of Valencia said it would apply to Madrid for financial help, complicating central government efforts to stave off a full-blown bailout. Metals markets tracked lower after Beijing issued a reminder to local governments to keep clamping down on property speculation, underlining official concerns about renewed inflationary pressures even as China's broader economy slows. The global market for refined copper was in a 384,000- tonne deficit from January to April 2012, up sharply from a 26,000-tonne deficit during the same period of 2011, the International Copper Study Group said. World refined usage stood at 6.948 million tonnes for the first four months of the year, while production reached 6.564 million tonnes, ICSG said in its latest monthly bulletin. Chinese authorities instructed local government to maintain tight controls on the property market to prevent a rebound in home prices, according to an urgent government notice reported by state media. In yesterday's trading session copper has touched the low of 421.75 after opening at 422.5, and finally settled at 422.3. For today's session market is looking to take support at 421.7, a break below could see a test of 421.1 and where as resistance is now likely to be seen at 423, a move above could see prices testing 423.6.

Trading Ideas:

Copper trading range for the day is 421.1-423.7.

Copper slid weighed down by fresh worries about Spain's debt crisis and a stronger dollar

Metals tracked lower after Beijing issued reminder to local governments to keep clamping down on property speculation

The global market for refined copper was in a 384,000- tonne deficit from January to April 2012 - ICSG