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RTRS: India copper futures to open flat, gold sharply lower
 
India copper futures are expected to open flat on Monday tracking markets in London, analysts said.

The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) closed 0.7 percent higher at 221.40 rupees per kg in the previous session.

It may open at about 220.5 rupees per kg, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade in Hyderabad.

At 9:36 a.m., three month London copper was 0.14 percent higher at $4,356 a tonne.

"We have an upside view today in copper due to surging equity markets," said Prasad.

Buying is recommeded at 218 rupees, with a target of 225 rupees, added Prasad.

"We expect copper to be at 225/228 (rupees) later in the session, but may face tough resistances at higher levels," said Navneet Damani, an analyst with Anand Rathi Commodities.

April zinc MZIJ9 ended 0.2 percent up at 68.30 rupees per kg, while lead for April MLDJ9 closed 0.3 percent higher at 66.25 rupees per kg in the previous session.

GOLD:

Futures are likely to open sharply lower on surging Asian equity markets and a strong dollar, signalling receding risk aversion, analysts said.

The benchmark June contract MAUM9 closed 0.3 percent lower at 14,476 rupees per 10 grams in the last session.

It may open around 14,200 rupees per 10 grams, said Pranav Mer, an analyst with India Infoline.

"Sentiment have turned negative in gold due to rising equity markets and breach of key supports technically as well," added Mer.

"Selling is recommeded on rises, with a stop loss above 14,450 (rupees) and targeting 14,000/13,900," added Mer.

Gold may trade in a range of 14,000-14,530 rupees, said Abhishek Chauhan, a technical analyst with Angel Commodities.
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