Copper prices moved in a range, as poor pending home sales data from US pushed the copper prices down. Chinese markets are shut till Feb 7th over Lunar new year.

Fed announcement of further bond tapering affected major emerging economies as fund would be withdrawn from the major emerging economies, and in-turn copper prices. We expect Copper prices to remain in a range to lower for the week over poor US Home Sales data. Other Base metals can follow copper and keep the prices in range to lower for the next week.

Trend of MCX Copper February future is in consolidation and also sustaining around lower levels. For the coming week, it could face major resistance of 456/470 whereas 428/418 could be a major support in MCX Copper. For the next week trader may follow sell on higher levels strategy, if MCX Copper future sustain below 443 levels then it could test the level of 436.70/428.50.