MUMBAI, Feb 2 (Reuters) - India's copper futures traded up on Tuesday as traders covered short-positions after prices fell nearly 9 percent last week, analysts said.
At 4.58 p.m., benchmark February copper MCCG0 was up 0.62 percent at 318 rupees per 100 kg.
"The entire complex is up on short-covering.. Fundamentals still remain weak as rising inventories and Chinese monetary tightening worries are hampering sentiment," said Tejas Seth, an analyst with SMC Global.
The overnight strong U.S. manufacturing data also helped the red metal, analysts said. See [ID:nN01363414]
Concerns about China tightening monetary policy increased after strong purchasing manager data on Monday, and after Australia surprised many by holding interest rates steady on Tuesday. [ID:nTOE61003S] [ID:nSGE61003K]
Copper inventories on Tuesday fell 2,375 tonnes to 541,150 tonnes, but remain close to a more than six-year high.
Selling was recommended between 320.5-321.5 rupees with a stop loss of 323 rupees and a target of 315 rupees, said SMC Global's Seth.
At 5.10 p.m., the February zinc MZIG0 was 1.15 percent lower at 100.95 rupees per kg, while lead for February delivery MLDG0 was 1.73 percent lower at 97.1 rupees per kg.
(Reporting by Nandita Bose; Editing by Prem Udayabhanu)
