RTRS: India copper futures rise for 5th day on overseas cues
MUMBAI, June 2 (Reuters) - India copper futures extended gains for a fifth day on Tuesday, aided by overseas gains on increasing signs of pickup in the global economy, analysts said.
The most active June contract MCCM9 was 1.39 percent higher at 244.05 rupees per kg at 10:19 a.m., after having gained 7.7 percent over the previous four sessions.
Shanghai copper futures rose 2.7 percent, while London futures held near seven-month highs just short of $5,100, underpinned by data suggesting that the world is pulling out of recession. See [ID:nSP474293]
Investors will look to fresh data later on Tuesday starting with Euro zone unemployment and later on, the U.S. pending home sales index and total vehicle sales for direction in the base metals complex.
"Copper's support is placed at 233-234 (rupees) levels as long as this level holds this support level, expect prices to edge higher towards 249-250 levels and find resistance there," said Paras Sejpal, an analyst with Transmarket Group.
The June zinc contract MZIM9 was 0.80 percent higher at 75.40 rupees per kg, while lead for June delivery MLDM9 was 0.90 percent higher at 78.05 rupees per kg at 10:19 a.m..