RTRS: India copper futures lower tracking global leads
India copper futures traded lower on Friday evening tracking global leads, but the downside was limited due to falling stockpiles in London Metal Exchange, analysts said.
The benchmark April contract MCCJ9 was 1.67 percent lower at 203.60 rupees per kg at 6:26 p.m., after hitting a high of 209.5 in early trade.
London copper prices rose to their highest in nearly 5 months on Friday, but slipped as doubts grew about the strength of real demand from manufacturers, particularly in China. See [ID:nLR348434]
Copper stocks in the London Metal Exchnage fell by 3,150 tonnes to 500,750 tonnes on Friday. "Copper is facing tough resistance at 208/209, which was tested thrice in last two trading sessions," said Amrut Deshmuk, a senior technical analyst with Way 2 Wealth Securities in Mumbai.
However, analysts said there has been no change of trend in copper.
"There is no trend reversal as such, the trend is still up," said Deshmukh.
"We are seeing some profit-taking after the recent rally," said Pranav Mer, an analyst with India Infoline in Mumbai.
