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RTRS: India copper higher tracking overseas markets
 
MUMBAI, Feb 11 (Reuters) - India copper futures traded higher on Thursday afternoon helped by strong overseas leads, but a strong rupee at home kept the upside limited, analysts said.

The most-traded copper February contract MCCG0 on the Multi Commodity Exchange was trading 1.40 percent higher at 311.45 rupees per kg at 4:15 p.m.

London copper, which guides the domestic market, rose more than 3 percent on Thursday as Chinese data helped reduce worries over monetary tightening and as the dollar lost ground versus the euro ahead of an EU summit. [MET/L]

Three-month London copper MCU3=LX was trading 1.40 percent lower at $6,733.00 a tonne at 4:15 p.m.

"Copper is supported by extended short-covering on weaker dollar, buying is recommended at 309 with a target of 312/314, maintaining a stop loss of below 306 rupees," said Pranav Mer, senior analyst, Mangal Keshav Commodities.

"Copper has taken a pull-back and may extend some gains till 314/315 rupees," said Somnath Dey, in-charge metals and energy research with Religare Commodities.

The Indian rupee traded stronger in the afternoon session on Thursday, tracking a firm domestic sharemarket and stronger regional peers but dollar buying by oil firms limited gains. [INR/]

A strong rupee makes the dollar-quoted asset cheaper.

In other base metals, zinc February MZIG0 was trading 1.12 percent higher at 99.70 rupees per kg, while lead for February delivery MLDG0 was 0.68 percent higher at 96.40 rupees per kg.

Buying is recommended in zinc at 99, for a target of 100.5/102, with a stop loss of below 98 rupees, said Mer.

Nickel February MNKG0 was 1.25 percent higher at 840.50 rupees per kg.

Buying is advised at 840, with a target of 355, maintaining a stop loss of 833 rupees, said Religare's Dey. (Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)

Source