RTRS: India copper almost steady on U.S. data, strong rupee
MUMBAI, Nov 6 (Reuters) - India copper futures were almost steady on Friday as support from overnight positive U.S. data was offset by a strong rupee and rising inventories in the London Metal Exchange, analysts said.
The most-traded November copper contract MCCX9 was 0.18 percent higher at 308.45 rupees per kg at 10:42 a.m.
U.S. business productivity grew at its fastest pace in six years in the third quarter and new jobless claims fell to a 10-month low last week, suggesting the labour market might bottom out. [ID:nN05106320]
"All eyes are set on U.S. jobs report... Copper may trade in the range of 304-312," said Kunal Shah, an analyst with Nirmal Bang Commodities.
The U.S. economic data due on Friday includes October's non-farm payrolls and wholesale inventories figures, and will shed light on the health of the world's largest economy.
Gains in the local sharemarket, tracking global markets in the wake of the jobs data, helped the rupee strengthen, while stocks in the warehouses monitored by the London Metal Exchange rose 5,775 tonnes to 379,825 tonnes. [0#LME-STOCKS] In other base metals, zinc November MZIX9 was 0.05 percent lower at 103.60 rupees per kg, while lead for November delivery MLDX9 was 0.41 percent higher at 109.15 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Ramya Venugopal)