RTRS: India copper futures edge lower on global leads
MUMBAI, Nov 5 (Reuters) - India copper futures edged lower on Thursday tracing overseas leads, but a weak rupee kept the downside limited, analysts said.
The most-traded copper November contract MCCX9 was 0.52 percent lower at 307.85 rupees per kg at 10:35 a.m., after hitting a low of 307.8 rupees in early deals.
Shanghai copper edged lower on Thursday, and is expected to move in a narrow range, under pressure of the spot market, despite support from a weaker U.S. dollar and steady oil prices. [MET/L]
A weak rupee makes the dollar-quoted asset expensive. [INR/]
"Copper would trade sideways and seek for direction from the U.S. data," said Abhishek Chauhan, technical analyst, Angel Commodities.
Copper may trade in the range of 304-315 rupees, said Kunal Shah, an analyst with Nirmal Bang Commodities.
Investors are eyeing monthly U.S. employment data due Friday. [ID:nN30432695]
In other base metals, zinc for November delivery MZIX9 was 0.72 percent lower at 103.30 rupees per kg, while November lead MLDX9 was 0.96 percent lower at 108.75 rupees per kg.
