RTRS: India copper edges down on global worries; Fed eyed
MUMBAI, Dec 16 (Reuters) - India's copper futures edged down on Tuesday on uncertain outlook for global demand, ahead of an Federal Reserve interest rate decision due later in the day, analysts said.
At 11:05 a.m., the benchmark February copper MCCG9 on the Multi Commodity Exchange (MCX) was 0.74 percent lower at 155.00 rupees per kg.
"We have a bearish view on copper due to demand woes and rise in inventory on the LME," said BG Manjunath Prasad, a senior technical analyst at Way 2 Wealth Securities, adding traders are eyeing the Fed decision for cues on the global economic outlook.
Copper may trade in the range of 153-160 rupees for the day, said an analyst at Kotak Commodity Services.
Data on Monday showed U.S. November industrial output fell 0.6 percent from October's 1.5 percent rise [ID:nTRT000351], and worries about U.S. automakers after lawmakers last week failed to agree on a resue plan are also hurting commodity prices.
At 11:06 a.m., December lead MLDZ8 was 0.30 percent lower at 49.40 rupees per kg, and December zinc MZIZ8 was 1.25 percent lower at 51.35 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Ramya Venugopal)