MUMBAI: India copper futures are expected to open slightly lower in early trade on Friday tracking overnight weakness international copper, analysts said.
International copper prices remained depressed in late business on Thursday, under pressure from a stronger dollar and fears that potential further monetary tightening in China could cap demand in the world's top copper consumer. The most-active April copper on the Multi Commodity Exchange (MCX) closed at 340.95 rupees per kg, down 0.54 percent, in the previous session.
"Monetary concerns in China will affect the sentiment in copper," said an analyst with Angel Commodities. China is the largest consumer of industrial metals. India gold may trade in a narrow range on Friday tracking similar trends in the international market, analysts said.
The most-active April gold contract on MCX last ended at 16,768 rupees per 10 grams, up 0.49 percent. Gold hardly moved on Friday shrugging off a firmer U.S. dollar as worries about Greece's debt problems and volatility in currencies boosted its safe-haven appeal.
Gold and dollar often move in opposite direction as the two compete for funds globally. "MCX gold will move cautiously during the day...weak rupee may give some support," said an analyst with a Hyderabad-based brokerage. The Indian rupee opened slightly weaker on Friday tracking some losses in the euro versus the dollar overseas and lack of clarity on fund flows from a choppy domestic sharemarket.
