Copper edges higher; zinc rises over 1.5 pct

MUMBAI: India copper futures edgedhigher on Thursday evening tracking overseas leads, with a weaker rupeesupporting, analysts said.

The most-active June copper on MultiCommodity Exchange was trading 0.68 per cent higher 304.55 rupees per kg at 6:12p.m. London copper rallied, boosted by a stronger tone in global equities, aweaker dollar and upbeat copper products output data from Japan, the world'ssecond largest economy.

The Indian rupee dipped to a one-week closinglow, after the dollar erased losses as Greek debt spreads widened and triggereddemand for the US currency from local importers. A weaker rupee makes thedollar-quoted asset expensive. "Copper would be range-bound, and moves would bedata dependent, range seen is 292-309 rupees," said Praveen Singh, analyst withSharekhan Commodities.

Copper may be in the range of 298-306 rupees,said Tejas Seth, senior analyst with SMC Comtrade.

Zinc continued itsrally supported by falling stockpiles in the warehouses monitored by the LondonMetal Exchange. Zinc stocks continued to fall to be at 616,950 tonnes, down 900tonnes from a day earlier. Zinc June was trading 1.74 per centhigher at 84.75 rupees per kg, while lead for June delivery wastrading 0.42 per cent higher at 83.65 rupees per kg.

"Zinc will faceresistance at 86 rupees, support is placed at 81 rupees," said Seth. Nickel forJune delivery was trading 0.58 per cent higher at 903.10 rupees per kg. Nickelmay trade in the range of 880-915 rupees, said Seth.