Copper prices plunged to near six-weeks low after lower than expected from China triggering demand concerns from the world's biggest base metals consumers. "Rupee depreciation is supporting base metals prices on domestic front”.

However, sharp upside in the industrial metal prices may be capped on concerns of weak demand from China following poor manufacturing data and on speculation of subdued spot demand as world's second biggest economy will go on a week long holiday for Lunar New Year from Jan 31.

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 463/480 whereas 430/418 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 450 levels then it could test the level of 443/430.