MUMBAI: Copper futures extended gains in early trade on Tuesday tracking overseas markerts and expectations of a weaker rupee, which makes the dollar-denominated asset expensive, analysts said. The most-active August copper on the Multi Commodity Exchange (MCX) was at 307.05 rupees per kg, up 0.31 percent.
Three-month London copper was trading 0.09 percent higher at $6,481.50 a tonne at 8:41 a.m. The rupee opened lower on Tuesday tracking broadly weaker regional peers, and traders will watch the domestic sharemarket for cues. Falling copper stocks, an indicator of demand trends, on the London Metal Exchange could also aid sentiment, they added. Copper stocks fell by 2,800 tonne to 444,500 tonnes on Monday.
Copper may trade in the range of 302-308.50 rupees, said Chauhan.
