RTRS: India copper futures flat tracking global leads
India copper futures were flat on Tuesday on global leads, but a weak rupee may provide support for the red metal, analysts said.
They expect that investors will now await the progress on the U.S. stimulus package, hoping the world's largest economy can lead the way out of a global recession.
"Copper is expected to remain sideways ahead of the stimulus package," said Raghavan Sundararajan, an analyst with Kotak Commodity Services in Mumbai.
Investors are advised to stay away ahead of the U.S. package, said Navneet Damani, an analyst with Anand Rathi Commodities.
The benchmark April copper contract MCCG9 was 0.32 percent lower at 172.65 rupees per kg at 10:34 a.m.. The red metal may trade in the range of 170-178 rupees for the day, added Damani.
