RTRS: Dollar dogged by U.S. rating worries, hits 5-month low
India copper futures traded slightly higher on Monday, helped by a weak rupee and higher Shanghai markets, analysts said.
Copper on the Multi Commodity Exchange would move in a narrow range later in the session as London and New York markets are shut for a holiday, they added.
The most active June copper MCCM9 was 0.71 percent higher at 219.65 rupees per kg at 10:18 a.m.. A weak rupee makes the dollar-quoted red metal expensive. The Indian rupee weakened in early trade after posting its biggest weekly gain in 13 years, as lower Asian stocks weighed on sentiment with dollar gains against majors overseas adding to the pressure. See [ID:nBOM463535]
Shanghai copper rallied boosted by a 3.2 percent surge in London in the previous session, supported by a slide in the dollar and easing stocks. [ID:nSP462767]
Copper may trade in the range of 215-223 rupees, said Abhishek Chauhan, technical analyst with Angel Commodities.
The May zinc contract MZIK9 was 0.93 percent higher at 70.65 rupees per kg, while lead for May delivery MLDK9 was 0.82 percent higher at 67.70 rupees per kg at 10:19 a.m..