RTRS: India copper retreats to trade flat; rupee helps
MUMBAI, April 13 (Reuters) - India copper futures retreated from their recent highs to trade almost flat on Tuesday tracking overseas markets, and a weaker rupee kept the sentiment positive, analysts said.
The most-active April copper MCCJ0 was trading 0.14 percent higher at 350.10 rupees per kg at 4:33 p.m., after hitting a high of 356.10 in the last session.
Three-month London copper MCU3=LX, which guides the domestic market, was trading 0.25 percent higher at $7,870 a tonne at 4:36 p.m.
"Copper can come down on technical correction, selling could be done at 350, for a target of 345/346 rupees, maintaining a stop loss of 352 rupees," said Somnath Dey, in-charge metals and energy research with Religare Commodities. "354 remains a crucial resistance (in copper). Prices might drift towards 347-45 levels," said India Infoline in a report.
In other base metals, zinc April MZIJ0 was trading 1.08 percent lower at 105.35 rupees per kg, while lead for April delivery MLDJ0 was 0.48 percent lower at 103.00 rupees per kg.
"For zinc supports are at 105, prices may rise towards 107/108," said India Infoline. Nickel April MNKJ0 was trading 0.75 percent lower at 1,133.50 rupees per kg.
Nickel may trade in between 1,125-1,146 rupees, said Religare's Dey.