RTRS: India's copper futures up as weak dollar supports
MUMBAI, Dec 24 (Reuters) - India's copper futures traded up on Thursday as a weak dollar along with supply woes supported sentiment, analysts said.
At 4.13 p.m., benchmark February copper MCCG0 was up 1.21 percent at 333.65 rupees per kg.
"Firstly, there is demand optimism, and then the dollar is supporting copper prices," said an analyst with a Delhi-based brokerage.
The dollar dipped on Thursday, coming off three-month highs against a basket of currencies after weak U.S. housing data the previous day dampened optimism about the outlook for the U.S. economy. [USD/]
A weak dollar makes dollar-denominated commodities cheap for holders of other currencies and boosts demand.
Prices were also supported by supply threats and could increase if miners at one of the world's biggest copper mines, Codelco's Chuquicamata in Chile, reject a final pay deal. Earlier this week, unions voted down an initial offer.
However, rising inventories of copper is seen capping the upside, analysts said.
At 4.31 p.m., the benchmark December zinc MZIZ9 was up 0.39 percent at 117.2 rupees per kg and December lead MLDZ9 was up 0.88 percent at 109.3 rupees per kg.
(Reporting by Nandita Bose; Editing by Sunil Nair)
