RTRS: India copper futures a tad higher tracking LME
India copper futures traded slightly higher on Wednesday tracing markets in London, but weak overnight U.S. housing starts could weigh on prices later in the day, analysts said.
The most traded June copper MCCM9 was 0.84 percent higher at 221.85 rupees per kg at 10:42 a.m.
London copper was 1.10 percent higher at $4,605 a tonne, partly supported by its technical positioning.
U.S. housing starts fell 12.8 percent to a seasonally adjusted annual rate of 458,000 units -- the lowest in records dating back to January 1959. See [ID:nN19408037]. This dented hopes of economic revival and demand for the industrial metal.
"Bad housing numbers from the U.S. could weigh on prices," said Harish Galipelli, head of research with Karvy Comtrade.
"One can go long in copper, only if closes above 225 rupees," said Kunal Shah, an analyst with Nirmal Bang Commodities.
May zinc MZIK9 was 0.42 percent higher at 72.20 rupees per kg, while lead for May delivery MLDK9 was 0.49 percent higher at 71.40 rupees per kg at 10:44 a.m.
