Copper prices traded in range in initial part of the week but later, we saw heavy buying rally from lower levels as positive US data has supported the prices. Buoyed by an improving outlook for demand and a temporary shortfall in supply after the shut down of a Philippine smelter.

Poor Chinese and US Manufacturing Index kept the prices in check. However, manufacturing PMI from Euro zone and Germany helped retaining some strength in base metals. Base metals are expected to move higher, as supply shortage for time being over the absence of Philippine smelters can push the prices higher.

Trend of MCX Copper November future is in consolidation and also sustaining around  higher levels. For the coming week, it could face major resistance of 460/472 whereas 439/423 could be a major support in MCX Copper. For the next week trader may go for buy on lower levels, if MCX Copper future sustain above 448.60 levels then it could test the level of 454/460.

Copper prices rose on Friday on optimism over ECB's monetary policy decision and strong US economic growth. However, a stronger dollar limited the upside in prices. China is the biggest stock est of copper in the world. china's imports of copper reached 406,708 tonnes in October, down from 457,847 tonnes in September. Base metals are expected to move higher on optimism over positive Euro trade data and improved demand outlook from china.

Trend of MCX Copper November future is in consolidation and also sustaining around higher levels. For the coming week, it could face major resistance of 474/487.50 whereas 440/430 could be a major support in MCX Copper. For the next week trader may go for buy on lower levels, if MCX Copper future sustain above 454 levels then it could test the level of 462/473.40.