Copper opens flat on weak dollar

Written by Reuters | Mumbai | Updated: Dec 31 2008, 16:20pm hrs
India copper traded little changed on Wednesday as pressure from subdued year-end demand was offset by a weaker dollar, analysts said.

"Trade is lacklustre as everyone is on holiday," said Somnath Dey, in-charge of metals and energy research at Religare Commodities in Delhi.

Analysts excpect the underlying trend in the commodity to remain bearish next year on continuing demand woes amid a deepening global recession and rising inventories. Copper should be testing new lows of 130-135 rupees by mid-January due to weak fundamentals, Dey added.

At 10:49 a.m., the benchmark February contract traded 0.52 per cent higher at 145.10 rupees per kg.

At 10:49 a.m., December zinc was 0.28 per cent higher at 54.40 rupees per kg, and December lead was 0.54 per cent higher at 46.95 rupees per kg.