MUMBAI, Nov 11 (Reuters) - India copper futures edged higher on Wednesday supported by a weak dollar, while weaker-than-expected copper imports by China, the largest consumer, limited the upside, analysts said.
The most-traded November copper contract MCCX9 was 0.79 percent higher at 306.85 rupees per kg at 6:14 p.m.
The dollar hit a 15-month low against a basket of currencies as the U.S. unit came under broad selling pressure versus its higher-risk counterparts on the view that the global economy may be improving. [USD/] A soft dollar typically lifts dollar-denominated copper by making it cheaper for investors outside the U.S.
China's copper imports fell a larger-than-expected 34 percent in October, but supply in the world's top copper market stayed abundant following record production and high bonded stocks built up in the last two months. See [ID:nHKG297266]
"Weaker dollar is supporting copper prices, however prices will remain steady in the range of 303-309 in the evening sessions," said Pranav Mer, an analyst with India Infoline in Mumbai. In other base metals, November zinc MZIX9 was 0.65 percent higher at 100.75 rupees per kg, while lead for November delivery MLDX9 was 1.95 percent higher at 107.4 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
