RTRS: India copper futures seen opening down, gold higher
MUMBAI, Oct 16 (Reuters) - India's copper futures are expected to open lower on Thursday as fears about a U.S. recession keep investors worried about global demand for industrial metals, analysts said.
Fears grew after Federal Reserve Chairman Ben Bernanke said on Wednesday that the U.S. economy still faced significant threats and other Fed officials said the economy appeared to be in recession. [ID:nN15308065]
The benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) on Wednesday ended down 6.85 percent at 239.4 rupees. It may open around 236-237 rupees per kg, one analyst said.
Copper prices are expected to trade down later in the day as the ongoing financial turmoil is expected to send investors hurrying into safer assets, the analyst added.
October zinc MZIV8 ended down 4.96 percent at 64.2 rupees and lead for October delivery MLDV8 ended down 5.53 percent at 73.5 rupees per kg.
GOLD:
India's gold futures on the MCX are expected to rise on the back of a weaker rupee and a slight gain in overseas markets on Thursday, an analyst said.
The benchmark December gold MAUZ8 is likely to open around 13,245 rupees per 10 grams, from its closing at 13,185 rupees on Wednesday.
The benchmark December silver MSVZ8 is likely to open around 18,150 rupees per kg from its close at 18,055 rupees.
