MUMBAI, Oct 1 (Reuters) - India copper futures were slightly lower on Thursday weighed by a strong rupee, which makes the dollar-quoted asset cheaper, with investors awaiting U.S. data due later in the session for direction, analysts said.
The most-traded November contract MCCX9 was 0.93 percent lower at 294.35 rupees per kg at 5:31 p.m., after hitting an intra-day low of 293.7 rupees earlier.
The Indian rupee held at a near two-month high, after exporters sold dollars on expectations of a near-term rise in the local unit and traders eyed local equities for cues on capital inflows. [INR/]
Investors are eyeing a slew of upcoming U.S. data including Thursday's ISM manufacturing figures and non-farm payrolls on Friday for clues on the outlook for demand and metals prices.
"It is going to be range-bound and would wait for data for further leads. The upside would be capped at 300 rupees and the downside would be capped at 290 rupees," said Praveen Singh, an analyst with Sharekhan Commodities.
"Selling is recommended at current market price, with a stop loss of 287.5 rupees, and targeting 292/289 rupee," said Navneet Damani, an analyst with Anand Rathi Commodities.
In other base metals, zinc for October delivery MZIV9 was 0.32 percent lower at 92.65 rupees per kg, while lead for October delivery MLDV9 was 2.17 percent lower at 105.80 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)
