RTRS: India copper edges lower tailing overseas markets
MUMBAI, April 21 (Reuters) - India copper futures edged lower on Wednesday tracking overseas markets, but upbeat Chinese import data could help aid sentiment, analysts said.
The most-active April copper contract MCCJ0 on the Multi Commodity Exchange (MCX) was 0.49 percent lower 342.70 rupees per kg at 5:08 p.m.
Three-month London copper MCU3=LX was trading 0.68 percent lower $7,700.00 a tonne.
London copper dipped as analysts said a recent rally above $8,000 was overheated, but surging Chinese imports and a jump in metal tagged for delivery signalled improving fundamentals and higher prices ahead. [MET/L]
China's imports of refined copper surged 52.9 percent in March from the previous month, data showed earlier on Wednesday. [ID:nTOE63K02M]
"Copper may trade in a range today with a negative bias, range seen is 342-347," said Dharmesh Bhatia, an analyst with Kotak Commodity Services.
In other base metals, zinc for April delivery MZIJ0 was trading 0.79 percent lower at 106.25 rupees per kg, while April lead MLDJ0 was trading 0.63 percent lower 102.20 rupees per kg.
Buy zinc at 106.50 for a target of 108.1/109.5, Religare Commodities said in a report.
April nickel MNKJ0 was trading 0.96 percent lower at 1,181.60 rupees per kg.
"One can buy nickel at 1,180, for a target of 1,220/1,225, maintaining a stop loss of 1,160 rupees," said Bhatia.