RTRS: India copper futures seen opening firm, gold higher
MUMBAI, Oct 21 (Reuters) - India's copper futures are expected to open firm on Tuesday after fresh pledges by the Federal Reserve Chairman to shore up the financial sector, an analyst said.
Federal Reserve Chairman Ben Bernanke pledged on Monday that the U.S. central bank will make every effort to soften the damage from a wave of home foreclosures.
The benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) on Monday ended down 1.41 percent at 238.2 rupees. It may open around 238.7-240.5 rupees per kg, one analyst said.
Copper prices are expected to trade firm later in the day on support from global equity markets and global concerted efforts to tackle the financial crisis, the analyst added.
October zinc MZIV8 ended unchanged at 59.5 rupees from its previous close and lead for October delivery MLDV8 ended up 0.28 percent at 71.05 rupees per kg.
GOLD
India's gold futures are expected to open higher owing to higher foreign markets and a weaker rupee against the dollar, an analyst said.
The benchmark December gold MAUZ8 is likely to open around 12,800 rupees per 10 grams from its closing at 12,656 rupees, the analyst added.
December silver MSVZ8 is seen opening around 17,770 rupees per kg from its closing at 17,547 rupees.
(Reporting by Ruchira Singh and Nandita Bose; Editing by Prem Udayabhanu)