MUMBAI, Dec 3 (Reuters) - India copper futures opened steady on Wednesday as downside pressure from waning demand for the red metal was offset by news of a fresh production cut, analysts said.
Nippon Mining Holdings Inc (5016.T: Quote, Profile, Research), Japan's top copper producer, is planning to cut production by 15-20 percent due to weak demand. [nT2802]
At 10.34 a.m., the benchmark February copper MCCG9 on the Multi Commodity Exchange of India (MCX) was down 0.35 percent at 182.95 rupees per kg.
However, analysts do not expect prices to hold up merely on news of the production cut and see the metal weakening later in the day as demand concerns amid a global economic slowdown continue to plague the market.
The U.S. auto industry received a further blow when data on Tuesday revealed U.S. monthly sales for November had plunged nearly 37 percent to their lowest level since 1982. [nL2340060]
At 10.35 a.m., benchmark December zinc MZIZ8 was down 0.34 percent at 58.80 rupees while December lead MLDZ8 slipped 0.18 percent to 54.9 rupees per kg.
