RTRS: India copper futures recover partly on global mkts
India's copper futures recovered partly on Tuesday following global leads, but a strong rupee kept a lid on gains, analysts said.
The benchmark April copper contract MCCJ9 rose 0.87 percent to 202.85 rupees per kg at 10:28 a.m., after having shed 2.2 percent in the previous session.
Three-month London copper was 1.93 percent higher at $3,965 a tonne.
A strong rupee makes the dollar quoted asset cheaper.
The Indian rupee inched up in early trade on Tuesday as a rise in Asian stock markets calmed concerns of capital outflows, while the dollar's weakness against some Asian units also helped. See [ID:nBOM68290]
Analysts said copper would be pressured by a strong rupee and also concerns about the U.S. auto sector.
"More selling is expected below 200 rupees on liquidation of long positions by traders," said Pranav Mer, an analyst with India Infoline.
"It may correct to 198 rupees later due to sustained selling pressure," Aurobinda Prasad, deputy manager-research with Karvy Comtrade in Hyderabad.
April zinc MZIJ9 was flat at 66.55 rupees per kg, while April lead MLDJ9 was 0.40 percent higher at 64.40 rupees per kg.
