Copper settled -0.18% down at 440.85 on Saturday on LME copper advanced, capping the biggest weekly gain in more than two months, on optimism that demand will increase in China, the world’s top user of industrial metal. Confidence in China’s economy is at the highest in more than a year amid speculation that Xi Jinping, the new leader, will be better for the financial climate. A report tomorrow may disclose that manufacturing increased this month. In the US, business activity in November expanded for the first time in three months, MNI Chicago Report’s business barometer showed today. Bullish sentiment still dominated markets last Friday. Markets still paid attention to the new round of budget talks between the US president and congress. Later, the US announced after than expected consumer spending and income figures, but the Chicago PMI was 50.4 in November after seasonal adjustments, and also higher than October's reading of 49.9. Moody's cut credit ratings of both ESM and EFSF from Aaa to Aa1 at the tail of trading last Friday while placing a negative outlook, which will somehow impose pressures to the euro's movements. With strong intention of increasing but heavy resistance at 448/mt, For today's session market is looking to take support at 439.60, a break below could see a test of 434.20 and where as resistance is now likely to be seen at 444.20, a move above could see prices testing 449.4.

Trading Ideas:

Copper trading range for the day is 440-441.8.

Copper dropped on profit booking after gaining Friday on signs of improved demand for the industrial metal from U.S. and China

U.S. personal income was flat last month, disappointing expectations for a 0.2% gain following a 0.4% increase in September.

Prices are on track to rise more than 2 percent in November, bringing total gains this year to around 5 percent.