RTRS: India copper futures surrender gains on rupee
MUMBAI, Oct 15 (Reuters) - India copper futures gave away previous day's gains on Thursday weighed by a strong rupee, which makes the dollar-quoted asset cheaper, analysts said.
The most-traded November copper contract MCCX9 was 1.03 percent lower at 287.00 rupees per kg at 4:14 p.m., after gaining 1.3 percent in the previous session.
The Indian rupee traded strong, but off its near-13-month peak, as local shares pared gains on profit-taking and as oil refiners bought dollars to meet import requirements. [INR/]
"Market is looking lacklustre and may consildate in between 280-290. A break of either of the levels would confirm trend," said Harish Galipelli, head of research, JRG Wealth Management.
However, hopes of an early economic revival underpinned on sentiment, analysts said.
Strong earnings numbers from top U.S. firms like Intel and JPMorgan lifted the Dow Jones Industrial average .DJI above 10,000 on Wednesday and contributed to optimism that the global economy will recover.
Copper was also underpinned by data out on Wednesday showing a surprise 23 percent rise in Chinese imports of unwrought copper and semi-finished products in September. [ID:nSP540802]
In other base metals, zinc October MZIV9 was 1.98 percent lower at 91.50 rupees per kg, while lead for October delivery MLDV9 was 1.73 percent lower at 99.60 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)