MUMBAI, Jan 21 (Reuters) - India's copper futures were almost flat on Thursday as support from a weaker rupee was offset by concerns of monetary tightening by China, the largest consumer of industrial metals, analysts said.
The most-traded February copper contract MCCG0 on the Multi Commodity Exchange (MCX) was trading 0.13 percent lower at 340.90 rupees per kg at 4:00 p.m.
The Indian rupee retreated a bit from new two-week lows touched in initial trade as exporters stepped up dollar sales around the psychological 46 per dollar mark while the U.S. unit stayed steady at morning levels. [INR/]
A weak rupee makes the dollar-quoted asset expensive.
Data showed earlier that China's annual gross domestic product growth quickened in the fourth quarter, with analysts saying it was only a matter of time before Beijing took more policy steps. [ID:nTOE60K011]
"There is hardly any reason to go long in copper, it may come down to 335 later in the session," said Praveen Singh, an analyst with Sharekhan Commodities.
Copper may trade in the range of 338-345 rupees, said Pranav Mer, an analyst with India Infoline.
China's refined copper imports rose 244,013 tonnes, up 15.36 percent on year. See [ID:nEAP001301] In other base metals, zinc January MZIF0 was 0.49 percent lower at 112.00 rupees per kg, while lead for January delivery MLDF0 was 1.04 percent lower at 105.05 rupees per kg.
"One can go short in zinc at 112.80, for a target of 109.60, and maintaining a stop-loss of 114.60," said Singh.
January aluminium MANF0 was 0.68 percent lower at 102.90 rupees per kg.
Selling is recommended at 103.75, with a target of 101.50, and with a stop loss of 105, said Sharekhan's Singh.
(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
