Copper: MCX Copper may note some gains tracking international exchanges however the upside remains capped. LME Copper trades higher in early trades today amid easing concerns over debt crisis in Greece after 85% of bondholders agreed to swap their holdings of the country`s debt for new securities. Further lending support to the prices is easing inflation in China fueling optimism of loose monetary policy in China. Prices may further seek support from falling stocks at LME and firmness in equities. Copper stocks at LME warehouses fell by 2675 tons yesterday to hit the lowest level since August 2009 while cancelled warrants stood at 32.5%, signaling strong physical demand. The gains may however be capped amid concerns over slack demand in China and choppiness in US Dollar. Further market will remain cautious ahead of US Non-farm payrolls data due later in the day today. Positive data however will lend support to the prices. Support for April copper is seen at Rs.421 while resistance is seen at Rs.431.
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