RTRS: India copper edges higher on global leads, rupee
India's copper futures edged higher on Wednesday, after losing 2.6 percent the previous session, on a firm overseas market and further supported by a weaker rupee, analysts said.
However, analysts said copper would be weighed down by a grim demand outlook amid a deepening global recession and inventory pile-up of the industrial metal. "The primary trend is still down in copper," said Amrut Deshmukh, a technical analyst at Way 2 Wealth Securities in Mumbai.
Selling is recommended at 162 rupees, with a target of 151 rupees, and with a stop loss of 167 rupees, Deshmukh added.
The benchmark copper February contract MCCG9 was 0.52 percent up at 164.95 rupees at 10:14 a.m., after hitting a high of 165.2 rupees.
At 10:15 a.m., January zinc MZIF9 was 0.08 percent higher at 59.80 rupees per kg, and January lead MLDF9 was 0.09 percent higher at 56.50 rupees per kg.