India copper futures edged lower on Thursday dragged by a rise in inventory levels at London Metal Exchange and further pressured by a firm rupee, analysts said. LME copper stocks rose by 2,450 tonnes to 504,325 tonnes on Thursday. "The main factor pressuring copper is increase in stockpiles in LME," said Vishal Maniyar, an analyst with Karvy Comtrade in Hyderabad. Prices may move sideways to lower and may move in the range of 179-186.40 rupees, said Maniyar, adding Chinese industrial data also acted as a drag on prices. China's industrial growth ground to a record low at the start of the year, but a continued surge in bank lending in February spurred optimism that the economy could soon rebound. [ID:nPEK73513] The benchmark April copper contract MCCJ9 was 1.59 percent lower at 182.80 rupees per kg at 4:08 p.m., after hitting a high of 186.8 earlier. Copper is expected to correct to 179 during the session, said Pranav Mer, an analyst with India Infoline in Mumbai, "with resistance placed at 187." Copper is expected to remain in a range in the short-term, analysts said. They said the investors would be awaiting U.S. retail sales and initial jobless claims slated later in the day to gauge the direction in the base metals complex. At 4:08 p.m., March zinc MZIH9 was 1.59 percent lower at 61.95 rupees per kg, while March lead MLDH9 was 2.60 percent lower at 63.65 rupees per kg.

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