MUMBAI, Feb 1 (Reuters) -India copper futures traded slightly lower on Monday afternoon, tracking overseas leads, but a weak rupee kept the downside restricted, analysts said.
The most-traded February copper contract MCCG0 was trading 0.24 percent lower at 310.75 rupees per kg at 3:53 p.m.
Three-month London copper MCU3=LX, which guides the domestic market, was trading 0.72 percent lower at $6,690 a tonne. See [ID:nLDE6100E4] The Indian rupee recovered from the day's lows on Monday afternoon but still traded weak closely tracking the local sharemarket which turned positive after having dropped early with losses in the dollar against majors also providing a boost. [INR/]
A weak rupee makes the dollar-quoted asset cheaper.
"There could be a strong pullback in copper today or tomorrow, buying could be initiated at 308, maintaining a stop loss of 305, targeting 318 rupees," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Copper may trade in the range of 307-313 rupees, said Navneet Damani, an analyst with AnandRathi Commodities.
In other base metals, Feb zinc MZIG0 was trading 1.02 percent lower at 96.75 rupees per kg, while lead for February delivery MLDG0 was 1.01 percent lower at 93.00 rupees per kg at 3:54 p.m.
Nickel for February delivery MNKG0 was 0.90 percent lower at 852.00 rupees per kg at 3:55 p.m.
"Nickel may consolidate after recent gains and gradually rise," said Commtrendz's Thiagarajan. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
