MUMBAI, Nov 21 (Reuters) - India's copper futures are expected to extend losses and open lower on Friday as pessimism continues to grow about the health of the global economy and subsequent demand for industrial metals, analysts said. The benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) on Thursday ended down 1.98 percent at 176.05 rupees. It may open around 175-174 rupees per kg, one analyst said. Copper prices are expected to trade weak later in the day on demand worries following weak housing data, problems in the auto sector, dismal jobs data and a slump in equity markets, analysts added. November zinc MZIX8 ended up 0.26 percent at 58.8 rupees and lead for November delivery MLDX8 ended down 3.17 percent at 59.65 rupees per kg. GOLD: Indian gold futures are expected to open steady as falling crude oil prices are likely to be offset by weak rupee and safe haven buying, analysts said. Oil tumbled to a three-and-a-half year low below $49 a barrel on Friday, nearing a $100 drop from its July record high, as more distress for the global economy threatened to eat further into demand for fuels. Overseas gold barely moved on Friday, having risen more than 2 percent in the previous session, as the euro weakened against the U.S. dollar and equities markets extended losses on worries about a global recession. The December contract on MCX MAUZ8 is likely to trade in a range of 11,900-12,100 rupees, said an analyst. It ended at 12,109 rupees per 10 grams, up 170 rupees. (Reporting by Nandita Bose and Debiprasad Nayak; Editing by Prem Udayabhanu)

Source