Tue Aug 25, 2009 3:39pm IST
MUMBAI, Aug 25 (Reuters) - India copper futures were steady on Tuesday as support from a weak rupee was offset by retreating equities overseas, analysts said.
The most-traded copper August contract MCCQ9 was 0.08 percent lower at 306.60 rupees per kg at 3:29 p.m.
The Indian rupee traded weak, after trimming early losses, as month-end dollar demand from refiners continued to weigh. A weak rupee makes the dollar-quoted asset expensive.
World stocks fell back after five days of gains as investors waited for more clues on whether the global economic recovery was truly picking up steam.
Performance in the equity markets is considered as a barometer for economic performance and thereby demand for the industrial metal. "Copper might come down due to lack of fresh positive triggers. It might come down to 300/302 (rupees)," said Tejas Seth, senior research analyst, SMC Global.
"Copper may trade in the range of 302-312 for the day," said Kapil Gandhi of STCI Commodities.Investors would also await consumer confidence data, due later in the session, for direction in the base metals complex. In other base metals,
August zinc MZIQ9 was 0.74 percent lower at 87.40 rupees, while lead for August delivery MLDQ9 was 7.02 percent higher at 96.15 rupees per kg.
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