MUMBAI, July 11 (Reuters) – Indian copper futures traded up on Friday as record oil prices extended support to the entire base metals pack, analysts said.

At 5:51 p.m., the benchmark August copper MCCQ8 was up 0.83 percent at 356.50 rupees per kg.

“Oil is supporting the entire complex and driving it up,” said an analyst with an Ahmedabad-based brokerage.

Crude oil prices jumped to a new record high of more than $146 a barrel on Friday on supply threats from Iran and Nigeria and a likely strike by Brazilian oil workers next week.

Higher oil prices makes the dollar weaker making metals denominated in the currency expensive for holders of other currencies.

Copper inventories on the London Metal Exchange, which fell 725 tonnes to 124,125 tonnes on Friday, also supported prices.

The weekly Shanghai copper inventories failed to support the metal despite rising as the rise was at par with market expectations.

LEAD, ZINC

Lead futures extended gains as rising cancelled warrants, falling stocks and expectations of fresh demand supported the metal, analysts said. Continued…