India: Copper futures likely trade lower on MCX

AHMEDABAD (Commodity Online): MCX Copper June contract fell last week ignoring the often supportive influence of a weaker dollar, as technical pressures mounted and U.S. data offered further evidence of slowing economic conditions. Copper futures was down overnight after data showed inflation pressures on the rise in the euro zone, upping the chances of an interest rate increase in June.
In Today's trading session Copper futures has touched the low of 407.65 after opened at 415.90, and last traded price is 410 down by -5.90 rupees. For today's session market is looking to take support at 406.5, a break below could see a test of 400.3 and where as resistance is now likely to be seen at 417.1, a move above could see prices testing 418.2.
Copper futures trading range is 400.3-418.2.
Intraday traders can sell MCX Copper June contract near 414 with the stop loss of 418 and can wait for the targets of 406.5.

(Source: http://www.commodityonline.com/marketmovers/Copper-futures-likely-trade-lower-on-MCX-2011-05-02-3479-3-1.html)