MUMBAI: Copper futures snapped a four-day losing streak on Friday afternoon tracking overseas markets, but a firm upee kept the upside limited, analysts said.
The most-active copper April contract was 0.56 percent higher at 352.90 rupees per kg at 3:36 p.m., after losing more than 1 percent in the previous four sessions.
London copper prices, which guides the domestic markets, rose boosted by renewed speculation that top consumer China may revalue its currency soon, and by positive sentiment over U.S. economic recovery.
The rupee strengthened to its highest in more than 19 months on Friday, tracking local shares and supported by strong Asian currencies that rose on intensified talks of an appreciation in the Chinese yuan. A firm rupee makes the dollar-quoted asset cheaper.
"Copper is going to be range-bound to positive on better-than -expected retail sales data, range seen is 346-356," said Praveen Singh, an analyst with Sharekhan Commodities. "Copper may test 380 levels in the short-term," he said. 355 rupees remains a crucial resistance, prices might drift towards 348-347 rupees," said India Infoline in a report.
In other base metals, zinc April was 0.76 percent higher at 106.05 rupees per kg, while lead for April delivery was 1.09 percent higher at 102.30 rupees per kg. Nickel for April delivery was 1.38 percent higher at 1,112.50 rupees per kg. Buying could be done in nickel at 1,095 rupees, for a target of 1,140/1,165 and stop loss of 1,060 rupees, said Singh.
