Copper prices hit a nearly three-week low after the Fed trimmed the pace of its monthly asset purchase. Prices were further hurt after US manufacturing index and existing home sales data came much below expectations.

However, stockpiles on LME dropped 1,025 tonnes to 383,925 tonnes, lowest level since Feb. 1, reflecting firm demand for the industrial metal which limited the downside in metals. Base metals are expected to move higher today as tighter supplies and falling inventories are likely to support prices.

Trend of MCX Copper February future is in consolidation and also sustaining around higher levels. For the coming week, it could face major resistance of 482.30/496 whereas 454/440 could be a major support in MCX Copper. For the next week trader may follow buy on lower levels strategy, if MCX Copper future sustain above 463 levels then it could test the level of 472/482.30.