RTRS: India copper futures edge up on higher equities
India's copper futures edged higher on Thursday, supported by rising regional stock markets, analysts said.
The most-traded April copper contract MCCJ9 was 0.56 percent higher at 242.25 rupees at 10:53 a.m., after hitting a high of 242.80 rupees.
A rise in equity markets signal an increase in economic activity, and demand for base metals may support copper.
"The sentiments are very much positive, so there would be gain in prices," said Debjyoti Chatterjee, an associate vice-president with ADMISI Commodity Services.
However, a strong rupee may cap the upside in the red metal, analysts said. A strong rupee makes the dollar-quoted asset cheaper.
"A strong rupee could hinder the rally in copper to 247/248 rupees," said Gnanasekar Thiagarajan, director, Commtrendz Research.
At 10:53 a.m. April zinc MZIJ9 was 1.21 percent higher at 75.20 rupees per kg, while April lead MLDJ9 was 0.72 percent higher at 77.45 rupees per kg.
