RTRS: India copper seen steady to down, gold may fall
MUMBAI, Nov 12 (Reuters) - India's copper futures are expected to open steady with a downside bias on Wednesday as worries about the health of the global economy continue, analysts said.
The benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) on Tuesday ended down 3.92 percent at 181.15 rupees. It may open around 181-180.5 rupees per kg, one analyst said.
Copper prices are expected to trade weak later in the day on a gloomy demand outlook, the analyst added.
November zinc MZIX8 ended up 1.89 percent at 53.9 rupees and lead for November delivery MLDX8 ended down 2.85 percent at 63.15 rupees per kg.
GOLD:
Indian gold futures are likely to open lower on weak crude oil prices, analysts said.
Oil inched lower on Wednesday, after falling 5 percent a day ago to close below at $60 for the first time since March 2007, as weakening energy demand more-than-offset news of more supply reductions.
Gold generally moves in tandem with crude oil as the latter signals inflation, while the metal negates it.
The December contract on MCX is likely to trade in the range of 11,500-11,750 rupees, said an analyst. It ended at 11,624 rupees per 10 grams, up 37 rupees the previous session. (Reporting by Nandita Bose and Debiprasad Nayak; Editing by Harish Nambiar)
