MUMBAI, May 20 (Reuters) - India's copper futures edged lower on Wednesday pressured by a strong rupee locally, which makes the dollar-quoted asset cheaper, analysts said. The most active June copper contract MCCM9 was 0.25 percent lower at 219.45 rupees per kg at 5:51 p.m..
The Indian rupee trimmed its early fall and rose as a large corporate and exporters sold dollars, but further gains were capped due to the drop in domestic shares. See [ID:nBOM424647]
A weak dollar against other currencies and higher equity markets limited the downside, they added.
The dollar hit its lowest level against a basket of currencies in more than four months as slight gains in U.S. stock futures prompted some investors toward perceived riskier assets. See [ID:nLK960296]
World stocks rose for the fourth session in a row on Wednesday and Wall Street looked set to open higher. See [ID:nLK465622]
"It is trading in a narrow range since three days," said Navneet Damani, an analyst with Anand Rathi Commodities. Copper may trade in the range of 218-224 rupees on Wednesday, said Damani. May zinc MZIK9 was 2.92 percent lower at 69.80 rupees per kg, while lead for May delivery MLDK9 was 2.67 percent lower at 69.15 rupees per kg at 5:53 p.m..
Source: http://in.reuters.com/
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