MUMBAI, Jan 15 (Reuters) - India copper futures were flat on Friday morning as support from a weaker rupee was offset by overnight weak U.S. data and rising stockpiles in the London Metal Exchange (LME), analysts said.
The most-traded February copper MCCG0 was up 0.01 percent at 341.65 rupees per kg at 10:29 a.m.
Copper may trade in the range of 337-345 rupees, said Murukesh Kumar, an analyst with JRG Wealth Management.
The Indian rupee weakened on dollar strength overseas as the flat domestic share market failed to provide any cues, traders said. [INR/] A weak rupee makes the dollar-quoted asset expensive.
Weak U.S. retail and unemployment data on Thursday could cast a shadow over the market and raise fears that Friday's numbers, including industrial output and consumer sentiment, may also disappoint.
Stocks in warehouses monitored by the LME rose 2,200 tonnes at 523,975 tonnes on Thursday.
"Selling on rise could be a good strategy in copper due to higher dollar, one can go short at 342.50, with a stop loss of 345.50, targeting 337.50 rupees, said Kunal Shah of Nirmal Bang Commodities.
In other base metals, zinc January MZIF0 was trading 0.62 percent lower at 113.10 rupees per kg, while lead for January delivery MLDF0 was 0.40 percent lower at 112.70 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Ramya Venugopal)
