RTRS: India copper futures set to open higer, gold lower
India copper futures are expected to open higher on Monday tracking overseas markets, but a rising rupee may cap gains later in the session, analysts said.
The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) ended 0.1 percent higher at 200.70 rupees per kg.
It may open at around 203 rupees per kg and trade in the range of 200-205, said Harish Galipelli, head of research with Karvy Comtrade in Hyderabad.
At 9:24 a.m., three-month LME copper was 2.47 percent higher at $4,058.00 a tonne.
A strong rupee makes the dollar-quoted asset cheaper. See [ID:nBOM445417]
Analysts said the red metal may move up further on imporved outlook for demand.
"There might be further buying on imporved optimism about demand on surging equity markets," said Galipelli.
"Copper would be in the range of 199-206 today," said Pranav Mer, an analyst with India Infoline.
March zinc MZIH9 ended at 62.70 rupees per kg, while lead for March MLDH9 closed at 68.10 rupees per kg.
