RTRS: India copper trades flat on U.S. data, rupee
MUMBAI, Sept 16 (Reuters) - India copper futures were flat on Wednesday morning as support from overnight positive U.S. data was offset by a strong rupee, analysts said.
The most-traded copper November contract MCCX9 was 0.11 percent higher at 306.60 rupees per kg at 10:50 a.m.
U.S. retail sales grew at their fastest pace in 3-½ years in August, while New York State manufacturing activity hit a near two-year high in September. [ID:nN1576055] [ID:nN15548319]
The Indian rupee climbed as higher local shares spurred hopes of foreign portfolio inflows, with the dollar's weakness against major currencies also underpinning sentiment.
"We are expecting copper to be on a higher side on positive (U.S.) data and higher equity markets," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
"Copper's good support is towards 300 levels, as long as this level holds support we expect prices to edge higher towards 312 levels," said Paras Sejpal, an analyst with TransMarket Group. In other base metals, September zinc MZIU9 was 0.11 percent lower at 90.25 rupees per kg, while lead for September delivery MLDU9 was 0.09 percent lower at 106.80 rupees per kg.
