RTRS: India copper extends gains as local shares rise
India copper futures rose for the fourth straight day Wednesday helped up by a rise in the local share market but a firm rupee may pull prices down later in the day, analysts said.
The February contract gained 4.8 percent in the last three sessions.
Copper owes its rise to firm stock markets, said Gnanasekar Thiagarajan, director with Comtrendz Risk Management in Mumbai, adding that direction in the red metal will depend on how equity markets fare.
Thiagrajan expects copper would face strong resistance at 168-170.
The February contract MCCG9 was 0.67 percent higher at 164.90 rupees per kg at 11:04 a.m., after hitting a high of 165.6 rupees earlier.
Positive momentum in copper will continue and futures may test 170 rupees during this week, said KN Rahaman, research head with Way 2 Wealth Securities in Mumbai.
At 11:04 a.m. February zinc MZIG9 was 0.46 percent higher at 54.55 rupees per kg, while lead for February delivery MLDG9 was 0.80 percent higher at 50.15 rupees per kg.
