Indian copper futures continued to trade steady on Thursday as support from a better-than-expected U.S. data was offset by worries about demand recovery, analysts said. U.S. durable goods orders rose more than expected for April while weekly jobless claims fell. [nN28317508] At 6.23 p.m., benchmark June copper MCCM9 ON THE Multi Commodity Exchnage of India was up 0.07 percent at 223.65 rupees per kg. Demand concerns lingered as equities dropped worldwide as concern over mounting Western governments' debt raised concerns about the health of the global economy and demand for metals. However, copper inventories data were supportive. Stocks of copper at LME warehouses dropped by 2,150 tonnes to 317,125 tonnes. Cancelled warrants stood at 43,650 from 43,375 tonnes, according to LME stocks data. Buying is suggested at 221-222 rupees with a stop loss of 219.5 rupees with a target of 227-229 rupees, said Tejas Seth, an analyst with SMC Comtrade. Nickel prices rose for the second consecutive session on Thursday as analysts said nickel has recently been supported by a slow trickle of re-stocking by Chinese steel mills, although speculative stockbuilding could also be a factor. Nickel stocks rose 1,218 tonnes to 109,860 tonnes on Thursday. LME nickel stocks have fallen sharply since late April, when they reached above 114,400 tonnes. At 6.30 p.m., benchmark June nickel MNKK9 was up 1.05 percent at 636.5 rupees per kg. May zinc MZIK9 was down 0.44 percent at 68.2 rupees per kg and May lead MLDK9 was up 0.66 percent at 68.55 rupees per kg.

Source