India copper futures surrendered early gains to profit-taking and a firm rupee and traded lower on Monday, analysts said. The benchmark February contract MCCG9 was 0.86 percent lower at 173.70 rupees per kg at 3:25 p.m., after gaining 7.8 percent in the previous two sessions. "It was only speculative interest that was driving prices higher," said Debjyoti Chatterjee, associate vice president with MAPE ADMISI Research in Mumbai, adding that the current round of profit-taking was also triggered by higher copper inventories with the London Metal Exchange. Copper inventories held by LME-monitored warehouses rose by 3,150 tonnes to 507,775 tonnes on Monday. A firmer rupee made the red metal trade lower. The Indian was near three-week highs on Monday as investors speculated capital inflows would rise following a rebound in Asian stock markets, but dollar buying by oil refiners is seen checking sharp gains. See [ID:nBOM437610] "Low volumes were the indication of a false breakout," said Amrut Deshmukh, a senior technical analyst with Way 2 Wealth in Mumbai. Selling is recommended below 172 rupees, with a stop loss of 176 rupees, with a target of 162, Deshmukh added. At 3:25 p.m., February zinc MZIG9 was 0.78 percent higher at 57.80 rupees per kg, while February lead MLDG9 was flat at 57.65 rupees per kg. Nickel for February delivery MNKG9 was 0.68 percent lower at 566.50 rupees per kg at 3:25 p.m..

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