India copper futures may open slightly lower on Tuesday tracking markets in London, an analyst said.
At 9:19 a.m., three-month copper in London traded lower by 1.02 percent at $3,405 a tonne, after hitting a low of $3,380 earlier in the session.
"Copper should break that range of 155-172 range in order to create a new trading area," said an analyst at a commodity brokerage. For the day, copper should trade slightly higher on hopes of further U.S. stimulus package, said the analyst, adding that copper may trade in the range of 166-172 rupees.
The benchmark copper February contract MCCG9 on the Multi Commodity Exchange (MCX) ended the last session at 168.45 rupees per kg. It may open around 167.50 rupees, the analyst said.
January zinc MZIF9 ended at 60.75 rupees per kg, while lead for January MLDF9 closed at 56.95 rupees per kg.
GOLD:
Gold futures are expected to open lower in line with international markets, an analyst said.
Overseas gold slipped on Tuesday after rallying to a one-week high the previous day, as a weaker euro prompted investors to book profits and as jewellers in Asia were well stocked ahead of the Lunar New Year. See [ID:nSP383143] The MCX February contract MAUG9 closed at 13,097 rupees per 10 grams the previous session.
It may open around 13,070 rupees per 10 grams and trade in the range of 12,980-13,180 rupees, the analyst added.
