RTRS: India copper edges lower on rupee, demand outlook
MUMBAI, Sept 23 (Reuters) - India copper futures edged lower on Wednesday weighed by a strong rupee and weak demand outlook from China, analysts said.
The most-traded November contract MCCX9 was 0.33 percent lowr at 303.10 rupees per kg at 10:30 a.m., after gaining 1.1 percent in the previous session.
The Indian rupee rose to its highest in six weeks, underpinned by gains in Asian shares and the dollar's weakness against major currencies. See [ID:nBOM471019]
A strong rupee makes the dollar-quoted asset cheaper.
China's apparent copper demand fell 13.9 percent in August from July, following a slide in imports by the world's top consumer of many base metals. [ID:nSP505960]
"Copper may recover later on higher (regional) equities. Resistance would be seen at 309 (rupees)," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
"Copper may trade sideways, with support placed at 300 and resistance pegged at 307 rupees," said Abhishek Chauhan, an analyst with Angel Commodities.
In other base metals, September zinc MZIU9 contract was 0.11 percent higher at 91.85 rupees per kg, while lead for September delivery MZIU9 was 0.09 percent lower at 109.15 rupees per kg.
