RTRS: India copper tracks overseas recovery; rupee weighs
India's copper futures recovered from its previous day's losses on Friday following London markets, but a firmer rupee may keep the upside limited later in the day, analysts said.
"We expect sideways movements in copper due to lack of fresh triggers," said Tejas Seth, a senior research analyst at SMC Global Securities in Delhi, adding copper may trade in the range of 158-167 rupees.
However, the upside would be capped due to a grim demand outlook and rising inventories in LME, Seth added.
Shanghai copper prices rose 2.2 percent on Friday, dragging London futures up with them on speculation that Shanghai exchange stocks could fall 30 percent when weekly data is released after the market closes. See [ID:nSP407129]
The benchmark copper February contract MCCG9 was 1.44 percent higher at 162.50 rupees per kg at 10:23 a.m., after falling 1.6 percent the previous session.
At 10:24 a.m., January zinc MZIF9 was 0.91 percent higher at 61.15 rupees, while January lead MLDF9 was up 0.54 percent at 55.80 rupees per kg.
