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RTRS: India copper extends gains on global cues
 
India's copper futures extended gains for the third day in a row on global leads, but gains were limited due to a firmer rupee, analysts said.

Three-month London copper was up 2.05 percent at $3,427.75 a tonne at 10:18 a.m., after news of a U.S. government bailout of Bank of America, but demand worries limited gains.

However, analysts said the trend in domestic copper remained weak technically.

"This tiny bullish pattern can be eradicated at any time," said Amrut Deshmukh, a technical analyst at Way 2 Wealth Securities in Mumbai, adding this bullish pattern does not carry any significance in a strong downtrend.

Selling is recommended at 171 rupees with a stop loss of 176 rupees and with a target of 160 rupees, Deshmukh added.

The benchmark copper contract MCCG9 traded 0.99 percent higher at 167.70 rupees per kg at 10:20 a.m., after gaining 3.7 percent for the previous two sessions.

At 10:23 a.m., January zinc MZIF9 was 0.82 percent higher at 61.15 rupees per kg, and January lead MLDF9 was 0.54 percent higher at 56.35 rupees.
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