India copper edges lower on economic worries
MUMBAI, July 6 (Reuters) - India copper futures edged lower on Monday, extending losses into the second week, as dismal U.S. data last week fuelled concerns of an early economic revival, analysts said.
The U.S. economy lost a higher than expected 467,000 jobs in June. [ID:nN01210643]
The most active August copper contract MCCQ9 was 1.20 percent lower at 239.25 rupees per kg at 10.08 a.m., after having lost 1.5 percent last week.
"Economic worries and lower equities could pressure prices later in the session. Support is pegged at 238 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
The red metal may trade in the range of 237-243 rupees, said Abhishek Chauhan, technical analyst with Angel Commodities.
In other base metals, July zinc MZIN9 was 0.94 percent lower at 73.90 rupees per kg, while lead for July delivery MLDN9 was 0.92 percent lower at 80.75 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by XXX)
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