MUMBAI, July 23 (Reuters) - India copper futures eased on Thursday, pressured by a slightly higher rupee and rising stockpiles, after the red metal gained more than 3 percent in the previous session, analysts said.
The most-active August copper contract MCCQ9 was 0.84 percent lower at 266.75 rupees per kg at 3:24 p.m.
The contract had gained 3.2 percent in the previous session, when supply concerns and hopes of demand revival spurred buying. The Indian rupee was slightly higher tracking gains in the domestic share market and as the dollar continued to stay just above seven-week lows versus major currencies overseas.
A strong rupee makes the dollar quoted asset cheaper.
Copper stocks in the warehouses maintained by the London Metal Exchange rose by 3,225 tonnes to 271,725 tonnes.
"Copper is consolidating after yesterday's sharp rise," said Praveen Singh, an analyst with Sharekhan Commodities in Mumbai.
Copper may trade in the range of 265-272 rupees for the rest of session, said Tejas Seth, a senior research analyst with SMC Global Securities.
Analysts said copper is expected to rise further in the near-term on signs of receding global economic recession and improving outlook for demand.
"Copper would be supported by rising investor interest and expectations of a weak dollar overseas. It may rally to 278 rupees by this month-end," said Singh.
In other base metals, July zinc MZIN9 was flat at 80.80 rupees per kg, while lead for July delivery MLDN9 was 0.79 percent higher at 82.55 rupees per kg at 3:24 p.m..
(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)
