RTRS: India copper futures tad higher on weak rupee
India copper futures traded slightly higher on Wednesday supported by a weak rupee, making the dollar-quoted industrial metal expensive, analysts said.
The most-traded April contract MCCJ9 was 0.49 percent higher at 203.20 rupees per kg at 10:40 a.m., after losing about 1.3 percent in the previous session.
"Support is coming in from a weak rupee," said Vishal Maniyar, a metals analyst with Karvy Comtrade.
The Indian rupee weakened for the second day, falling to its lowest in a week, weighed by gains in the dollar against the euro and Asian units and demand from importers and oil refiners. See [ID:nBOM36004]
Analysts said copper may perk up later in the session on expected Chinese buying and would be further supported by a weak rupee.
"China may restart buying, which may support copper. The possible target is placed at 206/208," said Kunal Shah, an analyst with Nirmal Bang Commodities.
"There is a positive bias on the back of a weak rupee. Today's range is seen between 199-205 (rupees)," said Abhishek Chauhan, a technical analyst with Angel Commodities.
March zinc MZIH9 was 0.47 percent higher at 63.75 rupees per kg, while March lead MLDH9 was 0.39 percent higher at 64.80 rupees per kg.