RTRS: India copper edges lower on equities, U.S. data
MUMBAI, Oct 29 (Reuters) - India copper futures edged lower on Thursday following weak global equity markets and overnight U.S. data, which fanned concerns about the strength of the economic recovery and demand for the industrial metal.
A bounce in the Indian rupee from its lows also weighed on sentiment, they added.
The most-traded November copper contract MCCX9 on the Multi Commodity Exchange was 0.28 percent lower at 307.20 rupees per kg at 4:24 p.m., after hitting a low of 306.1 rupees earlier. World stocks hit a three-week low on Thursday, following a sharp fall on Wall Street. [MKTS/GLOB] See [ID:nBMA006282]
Sales of newly built single-family homes in the U.S. unexpectedly fell in September, recording their first decline since March, data released overnight showed. [ID:nN28304343]
The Indian rupee bounced back from its lowest level in nearly a month as exporters sold dollars following the rupee's sharp fall against the greenback over the last four sessions.
"Copper could witness some more pressure on doubts over economic recovery plus inventories are also building up," said Priyank Upadhyay, head of research with Commtrendz Research.
"303/304 could act as a good support, while resistance is placed at 311/313 rupees," said Upadhyay.
"Bias is on the downside, range seen is 305-311 rupees," said Navneet Damani, an analyst with Anand Rathi Commodities.
In other base metals, zinc October MZIV9 was 0.15 percent lower at 102.80 rupees per kg, while lead for October delivery was 0.52 percent higher at 106.30 rupees per kg.
