RTRS: India copper futures may open lower, gold flat
India copper futures are expected to open lower on Monday following overseas leads, where a firm dollar overseas pressured the red metal, analysts said.
The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) closed flat at 241.50 rupees per kg in the previous session.
The April contract may open at 240 rupees per kg, said Harish Galipelli, head of research with Karvy Comtrade in Hyderabad.
At 9:33 a.m., three-month LME copper was 0.94 percent lower at $4,750 a tonne.
"The overall market is looking sideways and would be looking at fresh leads for direction," said Abhishek Chauhan, an analyst with Angel Commodities.
Copper may trade in the range of 238-243 rupees, said Galipelli, adding "if it clears 243 rupees then the next target is 250 rupees."
April zinc futures MZIJ9 ended flat at 76.45 rupees per kg, while lead for April delivery MLDJ9 closed flat at 77.40 rupees per kg in the previous session.
GOLD:
Futures are likely to open flat on lack of fresh leads, analysts said.
The benchmark June contract MAUM9 closed 0.4 percent higher at 14,031 rupees per 10 grams in the last session.
It may open at about 13,970-14,000 rupees per 10 grams, said B.G.Manjunath Prasad, technical analyst with Way 2 Wealth Securities.
"Gold may ultimately fall to 13,850 rupees on firm dollar and rebounding equities later in the week," said Gnanasekar Thiagarajan, director, Commtrendz Research in Mumbai.
Resistance is placed at 14,150 rupees, added Thiagarajan.
Gold would strongly supported at 13,890-13,920 levels, added Prasad.