RTRS: India copper futures a tad higher on weak rupee
MUMBAI, June 4 (Reuters) - India's copper futures traded a tad higher on Thursday supported by a weak rupee, that makes the dollar-quoted asset expensive, analysts said.
A slightly higher London copper also supported the red metal back home, they added.
The most active June copper contract MCCM9 was 0.4 percent 232 rupees per kg at 10:45 a.m., after losing 3.1 percent in the previous session.
The Indian rupee edged lower in early trade as gains in the dollar versus major currencies and other Asian units weighed.
However, soft data from the U.S. is expected to pressure the red metal later in the session as it renews doubts about the recovery in the global economy, analysts said.
The U.S. services sector shrank again in May, according to a report released on Wednesday. See [ID:nWEN9983]
"Selling is expected later in the session with downside seen till 225 rupees," added Pranav Mer, an analyst with India Infoline.
Copper may trade in the range of 228-238 rupees, said Paras Sejpal, an analyst with TransMarket Group.
The June zinc MZIM9 was 0.5 percent higher at 71.65 rupees per kg, while lead for June delivery MLDM9 was 0.13 percent lower at 74.55 rupees per kg at 10:45 a.m..
