Mon Aug 24, 2009 6:04pm IST
MUMBAI, Aug 24 (Reuters) - India copper futures extended gains for a third day on Monday on the back of rising global equity markets, which raised hopes for an economic recovery and demand for the industrial metal, analysts said.
The most-active August contract MCCQ9 was 0.46 percent higher 307.70 rupees per kg at 5:43 p.m., after gaining 5.2 percent in the previous two sessions.
World stocks powered to a 10-month high and oil rallied after last week's upbeat U.S. housing data and optimistic comments from the world's key central bankers prompted investors to buy risky assets. [MKTS/GLOB]
Friday's survey showed sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest pace in nearly two years. [ID:nN21378170]
Bernanke and other central bankers said at the annual gathering in Jackson Hole on Friday the worst global recession in 70 years was nearing a close, although they warned it would be a long, slow climb back to normal growth. [ID:nN23121486]
"Stronger equities and good numbers from the U.S. is pushing base metals complex higher. Copper could test 314.5 (rupees) level on the higher side," said Kapil Gandhi of STCI in Mumbai.
Copper may trade in the range of 305-312 rupees, said Tejas Seth, senior research analyst with SMC Global.
Data out in China earlier showed refined copper imports fell 23 percent to 292,266 tonnes in July from June, but still rose 170 percent year on year in the first seven months. [ID: nHKG332312]
In other base metals, zinc for August delivery MZIQ9 was 0.96 percent higher at 89.20 rupees per kg, while lead for August delivery MLDQ9 was 4.73 percent higher at 94.10 rupees per kg
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