India copper futures turned lower on Wednesday following global leads, but the downside was limited due to a fall in inventory in the London Metal Exchange and a slightly weak rupee, analysts said. The most traded April copper contract MCCJ9 was 1.01 percent lower at 200.15 rupees per kg at 3:51 p.m., falling from a high of 203.4 rupees. London copper dropped 1.5 percent in early European trade on Wednesday, as a rally which pushed it to its highest in four months this week ran out of steam in the face of weak consumption outlook. See [ID:nLP121886] However, analysts said a fall in copper inventory in the London Metal Exchange (LME) would keep the downside limited. Copper stocks in LME fell by 1,750 to 503,675 tonnes on Wednesday. A slightly weaker rupee also limited losses of the red metal. See [ID:nBOM458271] Analysts said copper may extend losses on continued profit-taking after having surged by about 5 percent in five sessions tll Monday. "Copper is looking weak on an intra-day basis on continued profit-taking and may touch 195/196 (rupees) later," said Somnath Dey, in-charge metals and energy research with Religare Commodities in Noida. "However, if copper crosses and closes above 206 (rupees) then it can move further up," said Dey. "A bearish pattern is formed on an hourly chart with a breakdown below 200 (rupees)," said Amrut Deshmukh, a senior technical analyst with Way 2 Wealth Securities in Mumbai.

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