India copper, zinc up as some supply tightness seen

Tag : metal supplies

MUMBAI, July 31 (Reuters) - India's copper futures stayed firm onThursday on the Multi Commodity Exchange of India Ltd (MCX)tracking overseas markets where tight supplies replaced worriesthat industrial demand was waning.
A Mexican copper miner said on Wednesday it had no set date toresume production at a mine, helping prices rise.
The metal may remain firm in the rest of the session supported bylikely 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 ismainly used in infrastructure and housing construction.
At 6:27 p.m., August copper MCCQ8 was at 345.60 rupees per kg, up0.95 percent from the previous day.
The metal could trade within 340 rupees to 350 rupees, with a biason the upside, Singh said.
ZINC, LEAD:
Zinc and lead prices rose after China started tightening supplies,said Debjyoti Chatterjee, associate vice-president of MAPE ADMISICommodities Pvt Ltd.
Overseas zinc futures jumped over 6 percent on Thursday after topproducer China cancelled export rebates in a move that could curbthe flow of Chinese zinc into the world market. Continued...