RTRS: India copper slightly up on weak rupee, overseas cues
MUMBAI, June 8 (Reuters) - India copper futures traded slightly higher on Monday, supported by a weak rupee and higher London markets, analysts said.
At 10:34 a.m. the most active June contract MCCM9 on the Multi Commodity Exchange was 1.05 percent higher at 240 rupees per kg, extending the previous week's 3.6 percent gain.
A weak rupee makes the dollar-quoted asset expensive in the domestic market. The Indian rupee weakened as the dollar edged higher against major units, and traders braced for profit-taking in the local stock market. See [ID:nBOM69687]
At 10:34 a.m., three-month London copper was 0.70 percent higher at $5,038.00 a tonne.
"Copper is expected to trade in range of 232-242 rupees." said Paras Sejpal, an analyst with TransMarket Group.
