MUMBAI, July 31 (Reuters) - India's copper futures stayed firm on Thursday on the Multi Commodity Exchange of India Ltd (MCX) tracking overseas markets where tight supplies replaced worries that industrial demand was waning.
A Mexican copper miner said on Wednesday it had no set date to resume production at a mine, helping prices rise.
The metal may remain firm in the rest of the session supported by likely higher U.S. GDP data and firm crude oil, said Praveen Singh, analyst at Sharekhan Commodities Pvt Ltd.
Higher GDP would brighten the demand outlook for the metal as it is mainly used in infrastructure and housing construction.
At 6:27 p.m., August copper MCCQ8 was at 345.60 rupees per kg, up 0.95 percent from the previous day.
The metal could trade within 340 rupees to 350 rupees, with a bias on the upside, Singh said.
ZINC, LEAD:
Zinc and lead prices rose after China started tightening supplies, said Debjyoti Chatterjee, associate vice-president of MAPE ADMISI Commodities Pvt Ltd.
Overseas zinc futures jumped over 6 percent on Thursday after top producer China cancelled export rebates in a move that could curb the flow of Chinese zinc into the world market.
The Chinese tax rebate of five percent for super high-grade zinc, used as a galvanizing agent on steel, will come into effect from Aug 1. See [ID:nHKG92342]
At 6:30 p.m., August zinc MZIQ8 traded at 83.10 rupees per kg, up 3.04 percent from the previous day.
August lead MLDQ8 traded at 96.45 rupees per kg, up 2.44 percent from the previous day.
Nickel futures edged up due to a drop in warehouse stocks, analysts said.
August Nickel MNKQ8 was at 807 rupees per kg, up 0.4 percent.
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India copper, zinc up as some supply tightness see
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Posted - 08/01/2008 : 03:16:24
