RTRS: India copper edges lower as profit-taking kicks in
MUMBAI, June 2 (Reuters) - India copper futures edged lower on Tuesday on profit-taking after gaining 5 percent in the previous session, analysts said.
The benchmark June copper contract MCCM9 was 0.71 percent lower at 239.00 rupees per 10 grams at 3:56 p.m., after having struck 245 rupees earlier, a high last seen in mid-April.
Expanding Chinese industrial activity in May, and positive purchasing manager data from Europe and the United States, had helped lift the market mood. [ID:nL1674940] [ID:nN01259240]
"Traders are booking profit after yesterday's rally," said Vibhu Ratandhara, an analyst with Bonanza Commodity Services.
However, a weak rupee and a fall in copper stocks in London restricted losses in the red metal.
The Indian rupee extended its fall, after hitting more than five-month peaks on Monday, as the dollar gained versus major currencies, with losses in local shares adding to the woes.
Copper stocks in the warehouses monitored by the London Metal Exchange fell 2,750 tonnes to 309,225 tonnes. "As long as 234 (rupees) is held by copper, there are chances that it may go up to 245.50," said Ratandhara.
Investors will look at U.S. pending home sales index and total vehicle sales for direction in the base metals complex.
Other base metals also edged down tracking copper, they added.
