India copper futures reverse gains on rising inventory
(Updates prices)
MUMBAI, Nov 20 (Reuters) - India copper futures reversed early gains on Friday evening weighed by rising stockpiles on the London Metal Exchange, raising doubts about the actual demand, analysts said.
The most-traded November copper contract MCCX9 was 0.50 percent higher at 315.70 rupees per kg at 5:27 p.m., after hitting a high of 319.6 rupees per kg earlier.
Copper stocks in the warehouses monitored by the LME rose 1,325 tonnes to 421,875 tonnes on Friday. <0#LME-STOCKS>
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.3 percent to 107,405 tonnes from one week earlier. See [ID:nBJD003247]
"It is still in a range, consolidating to give an either way breakout," said Navneet Damani, an analyst with Anand Rathi Commodities.
Damani expects copper to trade in the range of 315-321 rupees.
In other base metals, zinc November MZIX9 was 0.19 percent higher at 102.80 rupees per kg, while lead for November delivery MLDX9 was 0.97 percent higher at 107.25 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
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