India copper falls, lead extends gains
(updates prices)
MUMBAI, Aug 28 (Reuters) - Indian copper futures eased on Thursday as global demand concerns along with rising inventories weighed on the metal, analysts said.
At 6 p.m., the benchmark August copper MCCQ8 on the Multi Commodity Exchange of India (MCX) was down 0.79 percent at 331.65 rupees per kg.
"Stocks are rising, with no real signs of a pick-up in demand and the news of fresh shipments into China has also played its part," said an analyst with a Mumbai-based brokerage.
Copper stocks on the London Metal Exchange rose 2,200 tonnes to 170,050 tonnes on Thursday.
Prices fell as more than 6,000 tonnes of refined copper landed in China as it took away the support coming from falling Shanghai inventories.
Support for copper was seen at 330.6 rupees and resistance was at 337.9 rupees, said Dharmesh Bhatia, senior technical analyst, Kotak Commodity Services Ltd.
Lead futures extended gains on Thursday and was the only metal that traded positive in a bearish base-metal pack.
Lead prices rose close to 11 percent on Wednesday as inventories declined to their lowest level since June 13. Continued...
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