MCX Copper for February delivery slipped 0.42% and was spotted trading at Rs.436.80 on 3.16 PM IST. Copper futures are expected to remain under pressure in today's trading session following rupee appreciation of more than 1% against USD, according to Amrita Mashar, Research Analyst at Commodity Online.

“For intraday, copper may trade bearish with strong support at Rs.438, below which it is expected to find support at Rs.435 while resistance exists at Rs.440. For medium term, copper is likely to trade negative and it is expected to travel till 432 level initially.” she added.

"Investors are advised to sell copper near Rs.438 with stop-loss of Rs.440 for the target at Rs.435", she said. 

In fact, overflowing copper inventories in the warehouses in China are being shipped to Rotterdam, Bloomberg said in a report published today.

Spending on China’s power grid, a major consumer of copper and aluminium, is forecast to rise at a faster pace in 2013. The State Grid Corporation of China has increased its 2020 target to 94,500km of UHV lines laid, compared with 78,000km in the previous target, an increase of 21%, Barclays said in a report.

China Securities Journal recently reported that the State Grid has set its 2013 spending target 4% higher y/y, after lukewarm growth in 2012 of 1.3%