Copper settled at 446.3 overall traded in the range with positive sentiments as underpinned by tightening near-term supply but gains were capped by a firmer dollar after stronger-than-expected U.S. jobs data. Reports showed that U.S. employers added 203,000 new jobs in November and the jobless rate fell to a five-year low, raising chances the Federal Reserve may start cutting bond buying sooner than expected, which sent the dollar higher. A stronger U.S. currency makes it more expensive for foreign investors to buy dollar-priced commodities, typically having a negative effect on prices. The stimulus programme has also released more money into the economy, and has been used to buy assets including commodities. A withdrawal would pressure those prices lower. But putting a floor under copper prices, stocks on the London Metal Exchange have continued to fall, and are down to their lowest since mid-February. Copper has slipped in the past month towards the lower end of a range in place since early August of $6,900-$7,420 a tonne, as demand winds down into year-end and on prospects for a surplus next year. The global market for refined copper swung into a 21,000 tonne surplus in August, rising after three straight months of a shortfall mostly due to higher production, the International Copper Study group said last month. Offering nearer term support for copper, however, China is expected to post an increase in imports of major commodities in November compared with the preceding month, helped by stock building ahead of winter and after a week-long holiday disrupted shipments in October. Now Copper is getting support at 444 and below same could see a test of 441.6 level, And resistance is now likely to be seen at 450.1, a move above could see prices testing 453.8.

Trading Ideas:

Copper trading range for the day is 441.6-453.8.

Copper dropped as a firmer dollar after stronger-than-expected U.S. jobs data weighed but downside was limited underpinned by tightening near-term supply.

Bookings to withdraw the metal from LME warehouses climbed 3.2 percent to 270,400 tons as New Orleans orders climbed to a record.

Russia's copper exports fell in January to October, following decreasing demand on the world market.