RTRS: India copper to open sligthly lower, gold higher
India's copper futures are expected to open slightly lower on Thursday on follow-through selling due to renewed concerns about slowing demand, analysts said.
"Copper might come down on follow-through selling but still would trade in the range of 180-188," said Harish Galipelli, head of research with Karvy Comtrade in Hyderabad.
"Copper may correct lower towards 180 or even towards 177," said Paras Sejpal, an analyst with Transmarket Group.
The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) ended 3.5 percent lower at 185.75 rupees per kg on Thursday.
It may open at around 184 rupees per kg, said Karvy's Galipelli. March zinc MZIH9 ended at 62.95 rupees per kg, while lead for March MLDH9 closed at 65.35 rupees per kg.
GOLD:
India's gold futures are expected to open slightly higher supported by global leads, analysts said.
At 9:26 a.m. COMEX gold for April delivery GCJ9 was 0.42 percent higher at $914.5 an ounce.
"The overall market is looking good for buying at 14,950-14,970 (rupees)," said Abhishek Chauhan, a technical analyst with Angel Commodities in Mumbai.
"Market may trade sideways to positive and may test the resistance of 15,250 later," said BG Manjunath Prasad, a technical analyst with Way 2 Wealth Securities.
The benchmark April gold contract MAUJ9 closed 1.6 percent higher at 15,117 rupees per 10 grams.
It may open higher around 15,167 rupees per 10 grams, and may trade in the range of 14,950-15,250 rupees, said Angel's Chauhan.