Indian copper futures on Friday rose tracking global equity markets, which rebounded ahead of the G20 meeting in Washington, analysts said.
Key emerging-market countries will join the Group of Seven industrial nations on Friday and Saturday to examine the causes of the global financial turmoil and try to avert a feared global recession.
At 4.29 p.m., the benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) was up 2.4 percent at 187.7 rupees per kg.
""Copper is up taking cues from global equity markets..even if there is some positive outcome from the weekend meeting I don't see the upside sustaining for long as the demand outlook remains bleak,"" said Reena Walia, ana analyst with Angel broking Ltd.
Copper futures were also supported by data from China on Thursday showing the country's output of copper and other industrial metals dropped in October as producers responded to thinning demand.
However, analysts said the outlook for base metals remains gloomy with demand unlikely to recover strongly before the second half of 2009.
Buying in November copper was recommended at current levels with a stop loss below 181 rupees and a target of 192-195 rupees, said Samson Pasam, senior technical analyst with Angel Broking Ltd.
Copper stocks monitored by the Shanghai Futures Exchange for the week ended Thursday fell 13 percent.
Nickel, zinc and lead prices also rallied taking support from copper and the positive equity markets, analysts said.
At 4.32 p.m., the benchmark November nickel MNKX8 was up 1.53 percent at 571.4 rupees.
The benchmark lead for November delivery MLDX8 on the MCX was up 1.6 percent at 66.7 rupees per kg and benchmark zinc MZIX8 was up 0.76 percent at 59.85 rupees per kg.
