India's copper futures opened steady on Wednesday as support from a weak rupee was offset by disappointing Chinese data, analysts said. At 10.30 a.m., benchmark August copper MCCQ9 on the Multi Com
modity Exchange of India was up 0.02 percent at 291.65 rupees per kg. The Indian rupee weakened to its lowest in nearly two weeks on Wednesday, tracking lower Asian shares. [INR/].The exchange rate of the rupee affects prices as most of the metal is imported. China's July imports of unwrought copper and semi-finished copper products fell to 406,612 tonnes from June's record 475,999 tonnes, customs data showed on Tuesday. See [ID:nBJI000184] Copper prices are expected to trade sideways later in the day as investors will remain cautious ahead of the outcome of the U.S. Fed meeting.[ID:nN11538767] At 10.31 a.m., August zinc contract MZIQ9 was down 0.23 percent at 86.45 rupees and lead for August delivery MLDQ9 was down 0.35 percent at 86.05 rupees per kg. (Reporting by Nandita Bose; Editing by Harish Nambiar)
modity Exchange of India was up 0.02 percent at 291.65 rupees per kg. The Indian rupee weakened to its lowest in nearly two weeks on Wednesday, tracking lower Asian shares. [INR/].The exchange rate of the rupee affects prices as most of the metal is imported. China's July imports of unwrought copper and semi-finished copper products fell to 406,612 tonnes from June's record 475,999 tonnes, customs data showed on Tuesday. See [ID:nBJI000184] Copper prices are expected to trade sideways later in the day as investors will remain cautious ahead of the outcome of the U.S. Fed meeting.[ID:nN11538767] At 10.31 a.m., August zinc contract MZIQ9 was down 0.23 percent at 86.45 rupees and lead for August delivery MLDQ9 was down 0.35 percent at 86.05 rupees per kg. (Reporting by Nandita Bose; Editing by Harish Nambiar)Source : http://in.reuters.com/article/domesticNews/idINBOM23478720090812
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