RTRS: India copper higher on global leads, weak rupee
India's copper futures traded higher on Monday on leads from overseas, where a weaker dollar spurred buying, and further supported by a weaker rupee, analysts said.
London copper rose by more than 1.5 percent as traders hunted for bargains following gains in oil prices and a fall in the dollar. See [ID:nSHA256324]
Copper prices are expected to remain a bit strong today due to positive sentiment in precious metals complex and crude oil, said Navneet Damani, an analyst at Anand Rathi Commodities.
Copper may touch the 152-rupee level during the day, Damani said.
At 10:33 a.m., the benchmark February copper MCCG9 traded 1.08 percent higher at 145.65 rupees per kg.
Buying is recommended in copper above 147 rupees with a target of 152 rupees, and a stop loss of 143 rupees, Damani said. At 10:34 a.m., December zinc MZIZ8 was 1.19 percent higher at 55.50 rupees per kg, and December lead MLDZ8 was 2.13 percent higher at 43.25 rupees per kg.