RTRS: India copper, gold futures set to open higher
India's copper futures are expected to open slightly higher on Friday tracking global markets and a weak rupee, analysts said.
At 9:20 a.m., three-month London copper was 0.41 percent higher at $3,665 a tonne.
"There could be a dip in copper due to profit-taking, but there is probability that prices may move higher," said Kunal Shah, an analyst with Nirmal Bang Commodities in Mumbai.
Support is pegged at 184.50 in copper, Shah added.
The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) ended 1.5 percent lower at 188.85 rupees per kg.
It may open at 189.5 rupees per kg and may trade in the range of 183-192 rupees for the day, said Harish Galipelli, head of research with Karvy Comtrade in Hyderabad. March zinc MZIH9 ended at 62.95 rupees per kg, while lead for March MLDH9 closed at 60.65 rupees per kg.
GOLD:
India's gold futures are expected to open higher on continued flight-to-safety buying due to falling equities, analysts said.
"There could be more upside in gold and may test 15,600 (rupees)," said Amrut Deshmukh, a senior technical analyst with Way 2 Wealth Securities in Mumbai.
The benchmark April gold contract MAUJ9 closed 2.1 percent higher at 15,397 rupees per 10 grams.
It may open at around 15,495 rupees per 10 grams, and may trade in the range of 15,330-15,700 rupees, added Abhishek Chauhan, technical analyst, Angel Commodities.