MUMBAI, Nov 12 (Reuters) - Indian copper futures were steady with a downside bias in choppy trade on Wednesday as a weak rupee extended support, but a grim global economic outlook and rising inventories hit sentiment, analysts said. At 4.15 p.m., the benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) was down 0.25 percent at 180.7 rupees per kg. "Stocks are constantly going up and the demand situation shows no sign of pick-up..Today, however, there is some support from the rupee," said Navneet Damani, an analyst with Anand Rathi Commodities Pvt Ltd. The rupee on Wednesday fell sharply due to losses in the domestic share market. [INR] The exchange rate of the rupee affects prices as most of India's copper is imported and paid for in the U.S. currency. However, sentiment remained grim after China's retail sales data pointed to slowing consumption and the World bank said more countries were seeking its help, as evidence mounted that the economic downturn was spreading through emerging economies. [ID:nSP121030] Copper inventories, which have been consistently rising on the London Metal Exchange, rose 4,625 tonnes to 270,100 tonnes on Wednesday. Technical analysts, however, expected a slight pullback later in the day. "Prices, after breaking the support of 185 rupees, had a sharp fall till 180.6 rupees. A pullback is expected and selling on rise is advisable," said Dharmesh Bhatia, senior technical analyst with Kotak Commodity Services Ltd. In industry news Codelco, the world's largest copper producer, will cut its copper premiums for South Korea and Japan by up to 36 percent in 2009 as demand weakens, industry sources said, in line with cuts for European buyers. [ID:nSE0356402] Lead and nickel futures traded steady tracking copper, analysts said. At 4.15 p.m., the benchmark lead for November delivery MLDX8 on the MCX was down 0.32 percent at 62.95 rupees per kg and benchmark November nickel MNKX8 was up 0.11 percent at 532.5 rupees. Zinc prices traded up on Wednesday after prices took a strong support at 52 rupees on the Multi Commodity Exchange. "Zinc is holding up as it gave a pullback after touching its crucial support of 52 rupees in the previous session," said Anand Rathi's Damani. November zinc MZIX8 on the MCX was up 1.58 percent at 54.75 rupees a kg . (Reporting by Nandita Bose; Editing by Prem Udayabhanu)

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