India copper weak on gloomy demand outlook

(Recasts, updates prices, adds background, zinc, lead)

MUMBAI, Nov 19 (Reuters) - Indian copper futures continued trading weak on Wednesday as increasing pessimism among investors about demand for industrial metals kept prices pressured, analysts said.

At 5.43 p.m., the benchmark November copper MCCX8 was down 1.22 percent at 181.55 rupees per kg.

"Copper still looks weak and would remain in a small range with negative bias for some days," said U. Arun Kumar, an analyst with Bhavishya Advisory Pvt Ltd.

In the short-term prices may trade between 185 rupees and 180 rupees, two analysts said. They however see prices falling to 150 rupees levels in the medium to long-term.

India copper prices have fallen about 54 percent from a record 385.3 rupees reached in July 2008.

The news flow was bearish, with U.S. automakers going cap in hand to a reluctant Bush administration for aid, while U.S. producer prices dropped and a housing sentiment index slumped to its lowest since the measure was stared in 1985.

The U.S. is the second largest consumer of base metals in the world.

Rising copper inventories in warehouses monitored by the London Metal Exchange rose 1,475 tonnes to 280,050 tonnes on Wednesday and weighed on prices. See[LME/STX1]