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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.
Source