RTRS: India copper futures extend losses on global leads
India's copper futures fell further on Wednesday tracking losses in overseas markets, but a weak rupee capped the downside, analysts said.
At 10:22 a.m., three-month London copper was 0.83 percent lower at $3,455 a tonne, after hitting a low of $3,436 earlier on disappointment over the latest U.S. financial rescue plan.
The United States rolled out a revamped bank rescue plan that may ultimately cost more than $2 trillion and moved a step closer to enacting a package to stimulate the world's biggest economy and help reverse the global slowdown. [ID:nLA780849] The benchmark copper February contract MCCG9 was 0.56 percent lower at 168.75 rupees per kg at 10:25 p.m.. It fell 2 percent in the previous session.
Copper may witness some downside to 165/163 rupees, said Pranav Mer, an analyst with India Infoline in Mumbai, adding the U.S. stimulus plan was unable to revive sentiment.
Copper may trade in the range of 165-173 rupees for the day, said Raghavan Sundararajan, an analyst with Kotak Commodity Services.
At 10:25 p.m., February zinc MZIG9 was 0.09 percent lower at 56.35 rupees per kg, while February lead MLDG9 was 0.27 percent lower at 56.25 rupees per kg.