RTRS: India copper futures flat on rupee, U.S. data
MUMBAI, Oct 6 (Reuters) - India copper futures were almost steady on Tuesday as support from overnight strong U.S. service sector data was offset by a strong rupee, analysts said.
The most-traded November copper contract MCCX9 was 0.07 percent lower at 286.00 rupees per kg at 10:24 a.m.
The Indian rupee rose to its highest in four months on Tuesday, extending its rally into a third straight session, buoyed by the dollar's weakness versus majors and expectations of fund flows into the local sharemarket. [INR/] A strong rupee makes the dollar-quoted asset cheaper.
Support came from data released on Monday showing that the U.S. service sector grew in September for the first time in more than a year, helping heal the negative mood after a slew of poor U.S. data last week, capped by larger-than-expected job cuts last month. [ID:nN05400003]
"The upside resistance is seen at 290 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Copper may trade in the range of 281-290 rupees, said Abhishek Chauhan, technical analyst with Angel Commodities.
In other base metals, zinc September MZIV9 was 0.17 percent higher at 88.85 rupees per kg, while lead September MLDV9 was 0.05 percent lower at 100.65 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)