RTRS: India copper futures almost flat on rupee, equities
MUMBAI, Oct 27 (Reuters) - India copper futures were almost steady on Tuesday as support from a weak rupee was offset by weak regional equity markets, analysts said.
The most-traded November copper contract MCCX9 on the Multi Commodity Exchange was 0.10 percent lower at 309.85 rupees per kg at 10:07 a.m.
The Indian rupee dropped to three-week lows just ahead of the quarterly monetary policy review as weaker Asian units and lower regional shares weighed on sentiment. [INR/] A weak rupee makes the dollar-quoted asset expensive. Asian shares followed Wall Street lower with resources stocks under pressure as the price of oil stayed below $79 and with investors growing increasingly worried about the recovery of the world economy. [MKTS/GLOB] See [ID:nBMA006231]
"There is bearish stance today as well in copper, selling could be initiated at 311, with a target of 306 rupees and with a stop loss of 314 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade in Hyderabad.
Copper may trade in the range of 308-315 rupees, said Abhishek Chauhan, technical analyst, Angel Commodities.
In other base metals, October zinc MZIV9 was 0.66 percent lower at 105.95 rupees per kg, while lead for October delivery MLDV9 was 0.98 percent lower at 105.95 rupees per kg.
