RTRS: India copper futures rise on dollar, China data
MUMBAI, Sept 11 (Reuters) - India's copper futures opened higher on Friday as a weak dollar coupled with a rise in industrial output data from China, the largest consumer, boosted the demand outlook, analysts said.
At 10.28 a.m., the benchmark November MCCX9 was up 0.71 percent at 310.75 rupees per kg.
The dollar on Friday extended losses and fell to its lowest in a year.
A weak dollar makes dollar-denominated commodities like metals cheaper for other currency holders and boosts demand.[USD/]
Chinese industrial output expanded at the fastest pace in 12 months, showing the world's third-largest economy was well on the road to recovery.[ID:nPEK293624]
China's copper imports fell 20 percent from the previous month to 325,098 tonnes largely in line with market expectations as record purchases in the first half inflated inventories.
Lead prices extended losses from the previous session, when it fell over 11 percent, after China's state-run research body Antaike said refined lead surplus is expected to grow this year and widen further in 2010.
This despite recent smelter shutdowns following a spate of poisoning incidents. [ID:nPEK288741]
At 10.38 a.m., the September zinc contract MZIU9 was up 0.76 percent at 92.35 rupees and lead for September delivery MLDU9 was down 0.44 percent at 101.55 rupees per kg.