MUMBAI, July 24 (Reuters) - India copper futures reversed early losses on Friday afternoon as dollar weakened against the euro after the data and further supported by higher equity markets, analysts said. The most-traded August contract MCCQ9 was 0.19 percent higher at 267.90 rupees per kg at 3:15 p.m., after hitting a low of 265.4 rupees earlier. The dollar weakened against the euro, while world stocks rose after better-than-expected German sentiment survey and improved surveys on the Euro zone services and manufacturing sectors. "The equity markets rally and dollar weakness is supporting gold," said Priyank Upadhyay, head of research with Commtrendz Research. "Copper could rise to 275/277 rupees in the near-term." However, rising inventories in the warehouse monitored by the London Metal Exchange would keep a lid on gains, they added. Copper stocks rose by 2,225 tonnes to 273,950 tonnes. However, analysts said profit-booking cannot be ruled out after the price rally in the red metal. "There could be a correction till 261/260 rupees," said Upadhyay. Copper may be in the range of 264-272 rupees for the day, said Navneet Damani, an analyst with AnandRathI Commodities. In other base metals, July zinc MZIN9 was 1.43 percent higher at 81.30 rupees per kg, while lead for July delivery MLDN9 was 1.64 percent higher at 83.70 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)

Source