RTRS: India copper seen lower on international cues
MUMBAI, March 31 (Reuters) - India copper futures are expected to open lower on Wednesday tracking weak London copper, analysts said.
London copper fell nearly 1 percent on Wednesday, paring gains seen in the previous session, weighed by a rise in the dollar and concerns about supply surplus in China, the world's top consumer of industrial metals. See [ID:nTOE62T02U]
The most-active April copper MCCJ0 on the Multi Commodity Exchange (MCX) closed at 353.55 rupees per kg, up 0.82 percent on Tuesday.
GOLD:
India gold may open slightly higher on Wednesday tracking similar trends in the international market, analysts said.
International gold ticked higher on Wednesday after the euro steadied against the dollar, but the metal remains prone to selling pressure on macro-economic worries, traders said. See [ID:nSGE62U00O]
Analysts said a weak rupee may also support prices as it makes the dollar denominated commodity expensive.
The Indian rupee edged slightly lower in early trade on Wednesday as gains in the dollar versus major currencies weighed but a firm start to the domestic sharemarket prevented the unit from falling further. See [INR/]
The most-active April gold contract on MCX MAUJ0 ended at 16,291 rupees per 10 grams, down 0.17 percent, on Tuesday.