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RTRS: India copper flat on weak dollar, rising inventory
 
MUMBAI, Dec 14 (Reuters) - India copper futures were almost steady on Monday evening as support from a weaker dollar, helped by news of a bailout to debt-laden Dubai, was offset by rising stockpiles, analysts said.

The most-traded February copper contract MCCG0 was 0.22 percent higher at 323.15 rupees per kg at 5:31 p.m., after hitting an intra-day high of 326 rupees earlier in the session.

"Copper might test 328 rupees later in the session," said Pranav Mer, an analyst with India Infoline.

The dollar weakened broadly on news that Abu Dhabi would bail out its debt-laden neighbour with $10 billion in aid, which initially triggered selling in the yen as it eased worries about a possible debt default by Dubai. [USD/]

"Recovering euro and Dubai news is helping copper markets," said Praveen Singh, an analyst with Sharekhan Commodities.

However, rising copper stocks in the warehouses monitored by the London Metal Exchange weighed on prices. Stocks rose 1,075 tonnes 467,150 tonnes on Monday.

"Copper would remain range-bound for the day and may trade in between 322-328 rupees," said Singh.

In other base metals, the December zinc MZIZ9 was 0.47 percent higher at 107.50 rupees per kg, while lead for December delivery MLDZ9 was 0.37 percent higher at 107.50 rupees at 5:31 p.m.

(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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