India copper futures traded lower on Monday, following global leads, where a strong dollar pressured the red metal, analyts said. Falling stockpiles at the London Metal Exchange and a weak rupee capped the losses, they added. The euro fell against the dollar and the yen on Monday on uncertainties over the next policy steps the European Central Bank will take to stimulate the economy. See [ID:nLK597761] The benchmark April copper contract MCCJ9 was 1.64 percent lower at 237.55 rupees per kg at 3:22 p.m., after hitting a low of 237.4 rupees in early deals. A weak rupee makes the dollar-quoted asset expensive. The Indian rupee extended its drop in afternoon trade on Monday as losses in other Asian currencies and paring of rise in local stocks weighed on sentiment. See [ID:nBOM438755] Copper stocks at the London Metal Exchange fell by 7,300 tonnes to 462,325 tonnes. "Copper should see more downside till 234/232 (rupees) later on profit-booking later in the session," said Somnath Dey, in-charge metals and energy research in Noida. "Resistance is pegged at 240.50 rupees." "A weak rupee is restricting the downfall in copper," said Dey. Copper is likely to trade in between 232-241 rupees, said Tejas Seth, a senior research analyst with SMC Global.

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