RTRS: India copper opens lower on bleak demand outlook
MUMBAI, Nov 21 (Reuters) - India's copper futures opened lower on Friday on continued pessimism about the health of the global economy and subsequent demand for industrial metals, analysts said.
At 10.44 a.m, the benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) was down 1.36 percent at 173.65 rupees per kg. Copper prices in India have fallen over 18 percent in November.
Prices of the red metal are expected to trade weak later in the day on demand worries following weak housing data, problems in the auto sector, dismal jobs data and a slump in equity markets, analysts added.
The International Copper Study Group's latest monthly report showing a 74,000 tonne surplus in January-August 2008 in the world refined copper market is expected to weigh on sentiment.
At 10.44 a.m., benchmark November zinc MZIX8 was down 2.21 at 57.5 rupees and November lead MLDX8 was down 1.68 percent at 58.65 rupees per kg.
(Reporting by Nandita Bose; Editing by Ramya Venugopal)