RTRS: India copper higher on overseas data, stocks
MUMBAI, Dec 2 (Reuters) - India copper futures were higher on support from strong data from the U.S. and China, analysts said.
The most-traded February contract MCCG0 was 0.65 percent higher at 330.95 rupees per kg at 7:11 p.m.
The market saw support from data showing China's economy was ending the year on a strong note, laying the foundations for solid expansion in 2010. [ID:nECONCN] [ID:nPEK127087]
From the United States, data showed a ninth straight month of growth in pending home sales, and a fourth month of expansion in the manufacturing sector.[ID:nN01495024] [ID:nN01377451]
"The data-driven sentiment is still supporting prices," said Pranav Mer, an analyst with India Infoline in Mumbai.
However, rising stocks in the LME weighed. Stocks rose by 2,000 tonnes to 443,000 tonnes on Wednesday.
Buying could be initiated at 330 rupees, with a target of 334 rupees, and stop loss of 328.20 rupees, said Somnath Dey, in-charge metals and energy research, Religare Commodities.
In other base metals, zinc December MZIZ9 was 1.70 percent higher at 110.70 rupees per kg, while lead for December delivery MLDZ9 was 1.34 percent higher at 113.85 rupees per kg at 7:12 p.m. (Reporting by Siddesh Mayenkar; Editing by Harish Nambiar) ((siddesh.mayenkar@thomsonreuters.com; +91-22-6636 9163; Reuters messaging:siddesh.mayenkar.thomsonreuters.com@reuters.net))
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