India copper futures ease on higher supplies

MUMBAI, July 25 (Reuters) - India's copper futures were trading weak on Friday on bearish outlook due to high inventories, analysts said.

"The LME inventory data is bearish.. but there can be a slight short-covering because prices are near their support area," said Aurobinda Prasad, technical analyst at Karvy Comtrade Ltd.

Copper stocks in LME warehouses rose 2,600 tonnes to 133,475 tonnes on Friday.

At 7:28 p.m., the benchmark August copper MCCQ8 was trading at 335.20 rupees per kg, down 0.03 percent from the previous day.

August copper may find support at 328 rupees, Prasad added.

"If there is a breakout, a good fall is on the cards."

NICKEL, LEAD:

Nickel futures extended their fall for the fourth straight session on weak demand and a fall in global markets, analysts said.

The demand for stainless steel is coming down, which is affecting the nickel market, said an analyst at Motilal Oswal Commodities Broker Pvt Ltd.

Nickel, a key ingredient in stainless steel, has lost about 10 percent in the last three trading sessions.

At 7:29 p.m., July nickel MNKN8 fell 3.13 percent to 772.90 rupees per kg. The contract hit a new low of 770.1 rupees during the day's trade.

July lead MLDN8 traded on the MCX at 89.95 rupees per kg, down 2.44 percent from the previous day.

July zinc MZIN8 was at 76.90 rupees per kg, down 2.29 percent from the previous day. (Reporting by Ruchira Singh and Debiprasad Nayak; editing by Harish Nambiar)