MUMBAI, July 16 (Reuters) - India copper futures turned higher on Thursday supported by a weak rupee, which makes the dollar quoted asset expensive, analysts said.
Investors were cautious despite better-than-expected Chinese GDP data and U.S. corporate earnings due to seasonal slackness in Chinese buying, they added.
The most-active August copper MCCQ9 was 0.20 percent higher at 256.15 rupees per kg at 4:08 p.m., after gaining more than 6 percent in the previous four sessions.
China's annual gross domestic product growth accelerated in the second quarter to 7.9 percent from 6.1 percent in the first quarter, the National Bureau of Statistics (NBS) said on Thursday. See [ID:nBJC000381]
"Copper would find support around 253 rupees," said Praveen Singh, an analyst with Sharekhan Commodities in Mumbai.
The Indian rupee wiped off early gains by mid-session in tandem with the stock market which erased a rise of 1.7 percent, while demand for the U.S. unit from importers also weighed on the local unit.
While on the macro calendar, weekly U.S. jobless claims data at 1230 GMT will be eyed for further economic indicators.
"Copper charts have formed a double bottom confirmed with higher volumes, suggesting bullishness," said BG Manjunath Prasad, a technical analyst with Way 2 Wealth Securities in Mumbai.
Buying is recommended on a dip to 252 rupees, with a target of 256 rupees, and with a stop loss of 248 rupees, added Prasad. In other base metals, July zinc MZIN9 was up 0.20 percent at 74.10 rupees per kg, while lead for July delivery MLDN9 was 1.01 percent lower at 78.15 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)
