MUMBAI, June 29 (Reuters) - India copper futures traded slightly higher on Monday, following similar trends overseas, where investors are eyeing a slew of economic data for direction, analysts said.
The most active June contract MCCM9 was 0.53 percent higher at 244.40 rupees per kg at 4:21 p.m., off the day's high of 246.2 rupees.
The contract had gained more than 1.5 percent last week on fresh signs of an economic revival in the U.S..
London copper prices rallied echoing gains in equities as confidence seeped in that the global economy was improving, but gains were capped as market players bet recovery would be slow and painful. See [ID:nLT663092]
A fall in copper stocks also supported the metal along with improving Euro zone economic sentiment. See [ID:nLT643111]
Copper stocks in the London Metal Exchange (LME) fell by 2,950 tonnes to 267,300 tonnes on Monday.
"The most important data point to watch out for is Chinese PMI data till then we expect copper to trade firm," said Tejas Seth, senior research analyst, SMC global in Delhi.
Investors are eyeing a flood of economic data this week, including China's Purchasing Managers Index on Wednesday, U.S. consumer confidence on Tuesday and U.S. June job figures and manufacturing data on Thursday to gauge if the economy is on a path to sustainable recovery. [nSP459462]
Copper may trade in the range of 238-247.5 rupees for the day, said Kapil Gandhi of STCI Commodities.
In other base metals, June zinc MZIM9 was 1.06 percent lower at 74.60 rupees per kg, while lead for June delivery MLDM9 was 0.79 percent lower at 81.35 rupees per kg at 4:22 p.m..
http://in.reuters.com/article/domesticNews/idINBOM49344920090629?sp=true
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