India's copper futures, which had gained more than 10 percent last week, edged lower on Monday pressured by the dollar's rising strength against the euro and on demand woes amid a deepening global recession, analysts said.
"Traders are taking profits after last week's rally," said Pranav Mer, an analyst at India Infoline Commodities in Mumbai.
Rising copper stocks on the London Metal Exchange also weighed on prices, analysts said.
Copper stocks in warehouses monitored by the LME were higher by 1,500 tonnes at 342,050 tonnes on Monday.
Investors will be closely watching U.S. auto sales figures for December, due later in the day, and November durable goods and factory orders on Tuesday for direction in the base metals complex.
LME copper reversed earlier gains to slip nearly 3 percent on Monday as a firmer dollar weighed but stronger equity markets offered a little optimism and helped limit further losses on the second day of new year trading. See [ID:nL564039]
Meanwhile, China will resume a tax-free policy on imports of concentrate for copper, nickel and cobalt from Feb. 1, a statement on the Ministry of Commerce's website said. (www.mofcom.gov.cn) see [ID:nHKG338921]
The country will also resume the policy on exports of refined copper and nickel, as well as on semi-finished aluminium profiles.
