RTRS: India copper eases on profit-booking, firm rupee
India's copper eased on Wednesday, after gaining more than 5 percent in the previous session, on profit-taking and pressured by a firm rupee, analysts said.
"Fresh buying may happen in copper later in the day on positive U.S. data signalling some revival in the economy," said an analyst at a commodity brokerage, adding copper may trade between 152-168 rupees.
A stronger rupee makes the dollar-quoted red metal cheaper locally. The Indian rupee inched higher on Wednesday on the back of firmer Asian stock markets, but the dollar's strength overseas is seen limiting sharp gains. See [ID:nBOM57740]
The benchmark copper February copper MCCG9 was 0.40 percent lower to 163.70 rupees per kg at 10:24 a.m., after hitting a high of 164.5 rupees.
At 10:24 a.m., February zinc MZIG9 was 0.27 percent lower at 56.15 rupees per kg, while lead for February MLDG9 was down 0.35 percent at 56.30 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
