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RTRS: India copper edges lower on demand woes
 
Indian copper edged lower on Friday on gloomy demand prospects in the wake of a deepening global recession and rising inventories, analysts said.

"The bearish fundamentals are expected to weigh on prices," said Harish Galipelli, head of research at Hyderabad-based Karvy Comtrade.

Since copper has breached an important support level of 140 rupees, the next level to watch out for is 135, he added.

The London Metal Exchange is shut for Boxing day and will open on Monday.

At 10:47 a.m., the benchmark copper February copper contract MCCG9 was 1.56 percent lower at 139.15 rupees per kg.

Selling in copper was recommended at 140 rupees with a target of 135 rupees and with a stop loss of 143, said an analyst with India Infoline Commodities.

At 10:47 a.m., December zinc MZIZ8 was 1.54 percent lower at rupees 54.20 per kg, and December lead MLDZ8 was 2.35 percent lower at 41.60 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)

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