India copper futures higher on short covering
MUMBAI, Oct 7 (Reuters) - India's copper futures on the Multi Commodity Exchange of India Ltd (MCX) were higher on Tuesday on short covering after a sharp fall in the previous session, an analyst said.
At 11:06 p.m., the benchmark November copper MCCX8 on the MCX traded at 270.40 rupees per kg, up 1.50 percent from the previous day.
"The overall trend remains weak, but some pull back because of short covering can't be ruled out," said Harish Galipelli, head of research at Karvy Comtrade Ltd.
Concerns of a weak demand outlook for base metals owing to fears of a global recession will continue to weigh on prices, he added.
October zinc MZIV8 traded at 74.15 rupees per kg, up 0.27 percent from the previous day. October lead MLDV8 traded at 78.25 rupees per kg, down 0.25 percent from the previous day.
(Reporting by Ruchira Singh; Editing by Ramya Venugopal)
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