India copper edges lower as profit-taking kicks in

(Updates prices)

MUMBAI, June 2 (Reuters) - India copper futures edged lower on Tuesday on profit-taking after gaining 5 percent in the previous session, analysts said.

The benchmark June copper contract MCCM9 was 0.93 percent lower at 238.45 rupees per 10 grams at 6:03 p.m., after having struck 245 rupees earlier, a high last seen in mid-April.

Expanding Chinese industrial activity in May, and positive purchasing manager data from Europe and the United States, had helped lift the market mood. [ID:nL1674940]

"Traders are booking profit after yesterday's rally," said Vibhu Ratandhara, an analyst with Bonanza Commodity Services.

However, a weak rupee through most of the day and a fall in copper stocks in London restricted losses in the red metal.

The Indian rupee snapped a four-day rally that had taken it to its highs for 2009, falling on a lack of direction from the share market and in the face of broad dollar strength. See [ID:nBOM403138]

Copper stocks in the warehouses monitored by the London Metal Exchange fell 2,750 tonnes to 309,225 tonnes. "As long as 234 (rupees) is held by copper, there are chances that it may go up to 245.50," said Ratandhara.

Investors will look at U.S. pending home sales index and total vehicle sales for direction in the base metals complex.

Other base metals also edged down tracking copper, they added.

The zinc June contract MZIM9 was 3.01 percent lower at 72.55 rupees per kg, while lead for June delivery MLDM9 was down 1.75 percent at 76.00 rupees at 6:04 p.m.

(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)