MCX Copper may note some decline tracking international exchanges. LME copper is trading lower in early trades today after a weaker session yesterday.
Further weighing on prices is mixed macro-economic data from US and lack of physical demand from China amid record high stocks at SHFE warehouses.
Copper stocks at LME warehouses fell by 750 tons yesterday after hitting lowest level since September 2009 last week while cancelled warrants rose to 28.25%, signaling strong physical demand.
Prices will further track economic releases and its impact on global currency and equity markets. Support for February copper is seen at Rs.404 while resistance is seen at Rs.416.
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