India gold, copper seen down on global cues
Mon Mar 22, 2010 10:01am IST
MUMBAI (Reuters) - India copper futures are expected to open lower in early trade on Monday on weakness in international markets, analysts said.
Shanghai copper fell 1 percent on Monday weighed down by a stronger dollar and as investors continued to worry about Greece's debt crisis. See
The most-active April copper on the Multi Commodity Exchange (MCX) closed at 339.70 rupees per kg in the previous session.
GOLD:
India gold may open lower on Monday tracking weakness in international market, but a weak rupee may limit losses, analysts said.
The most-active April gold contract on MCX ended at 16,506 rupees per 10 grams in the previous session.
Gold declined further in early trading on Monday as investors sold into a stronger U.S. dollar on financial uncertainties over debt-laden Greece.
Gold and dollar often move in opposite direction as the two compete for funds globally.
The Indian rupee fell on Monday after the central bank unexpectedly hiked key policy rates by 25 basis points on Friday.
A weak rupee makes dollar denominated gold expensive.
(Reporting by Sourav Mishra; Editing by Prem Udayabhanu)
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