MUMBAI, Jan 25 (Reuters) - India copper traded flat on Monday afternoon as lingering worries about liquidity on U.S. plans to restrict bank's risk-taking was offset by a dip in copper stocks on the London Metal Exchange (LME), analysts said.
The most-traded February copper contract MCCG0 on the Multi Commodity Exchange (MCX) was 0.03 percent lower at 340.90 rupees per kg at 3:44 p.m., after hitting an intra-day low of 339.7 rupees.
President Obama sent chills through financial markets when he threatened last Thursday to fight Wall Street banks with new proposals to limit financial risk-taking. [ID:nLDE60L0F0] Copper stocks on the London Metal Exchange (LME) were down by 800 tonnes to 533,400 tonnes on Monday.
"Copper may remain range-bound but with negative bias," said Praveen Singh, an analyst with Sharekhan Commodities. Selling is advised at 343.50, for a target of 333 rupees, maintaining a stop loss of 343 rupees.
In other base metals, zinc January MZIF0 was 0.37 percent higher at 107.75 rupees per kg, while lead for January delivery MLDF0 was 0.83 percent lower at 103.55 rupees per kg.
January aluminium MANF0 was 0.39 percent lower at 101.70 rupees per kg.
Buying could be initiated at 102.80, with a stop loss of 102 levels and targeting 104.50 rupees, said Parag Joshi, an analyst with Way 2 Wealth Securities. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
