RTRS: India copper futures up tracking global markets
India's copper futures were higher on Monday helped by firm overseas markets, but a stronger rupee kept the upside limited, analysts said.
At 10:49 a.m., three-month copper on the London Metal Exchange was 1.39 percent higher $3,650 a tonne supported by growing optimism about revival of global economy.
"Copper is currently taking strength from Chinese demand," said Pranav Mer, an analyst with India Infoline in Mumbai.
Analysts said the breakout which took place was with very low volumes and may turn out to be false.
"The breakout has taken place but volumes haven't augmented on the breakout," said Amrut Deshmukh, senior technical analyst with Way 2 Wealth Securities in Mumbai.
"Low-risk traders are advised to stay out and see how the day pans out," Mer added.
The benchmark February copper contract was 0.86 percent higher at 176.70 rupees at 10:49 a.m., after gaining 7.8 percent in the last two sessions.
At 10:50 a.m., February zinc MZIG9 was 1.48 percent higher ar 58.20 rupees per kg, while February lead MLDG9 was 0.95 percent higher at 58.20 rupees.