Copper settled up 0.44% at 447.75 while trade was in the range of 446-450 while sentiments improved after data showed industrial production in China increased in line with expectations last month. China's retail sales released Tuesday exceeded market forecasts, while its industrial value added slowed, but maintained more than 10% growth for a fourth consecutive month. Markets thus had high expectations of China's positive demand for metals, further pushing up metals prices. Also China's urban fixed asset investments increased 1.47% MoM in November, up from October's 1.43%, while its retail sales of consumer goods rose at a nominal rate of 13.7% YoY, touching a fresh high in the year. The value added of industrial enterprises at designated size and above climbed 10.0 % YoY, easing 0.3 percentage point from October's level. During Asian trading session, markets were barely affected by these economic data. Supported by rising LME prices overnight and possible encouraging policies coming out of China's Economic Work Conference for 2014, markets are expected to remain bullish on Wednesday. Technically market is under fresh buying as market has witnessed gain in open interest by 2.07% to settled at 13748 while prices up 1.95 rupee, now Copper is getting support at 446.1 and below same could see a test of 444.3 level, And resistance is now likely to be seen at 449.4, a move above could see prices testing 450.9.

Trading Ideas:

Copper trading range for the day is 444.3-450.9.

Copper gained aided by a weaker dollar, with steady buying from top consumer China also helping to underpin prices.

Investors are also watching the U. S. Fed, which is expected to begin trimming its commodity-friendly monthly asset purchases in March

Physical demand for copper remained strong, with bonded copper premiums up $5 at $195/$210 a tonne from month-ago levels