India's copper futures traded lower on Friday on profit-taking, after rising 7.9 percent in last two sessions as demand concerns resurfaced, analysts said.
"We feel there could be a bounce-back in copper purely on technical grounds," said Navneet Damani, an analyst at Anand Rathi Commodities, adding copper is well-supported at 149-rupee-level. At 10:43 a.m., the benchmark February copper contract MCCG9 was 2.41 percent lower at 151.95 rupees per kg, after rising to 157.80 rupees on Thursday.
Copper prices have been depressed in recent months on concern a deepening global recession may cut demand for the metal.
Three-month copper on the London Metal Exchange (LME) fell 1.94 percent at $3,030 a tonne on demand woes and rising inventory levels.
LME copper stockpiles rose 2,425 tonnes to five-year high of 339,775 tonnes on Wednesday, the heftiest in nearly five years.
January zinc MZIF9 traded 1.93 percent lower at 58.50 rupees per kg, and January lead MLSF9 was 2.81 percent lower at 48.45 rupees per kg.
