MUMBAI: India copper futures may extend the previous day's losses on Friday tracking weak overseas leads, but expectations of a weaker rupee could limit losses, analysts said.
The most-active June copper MCCM0 on the Multi Commodity Exchange (MCX) last closed at 314.70 rupees per kg, down 0.3 percent.
The contract may open at 313.50 rupees, said Abhishek Chauhan, technical analyst, Angel Commodities.
"The trend is weak in copper, one can go short at 316, for a target of 310/307," said Chauhan.
Three-month London copper MCU3=LX was trading 0.84 percent lower at $6,822 a tonne at 8:45 a.m.
The rupee is expected to weaken on Friday in line with lower Asian currencies and shaky stock markets, but traders said the central bank is unlikely to allow the Indian unit slip to 46 per dollar.
A weaker rupee makes the dollar-quoted asset expensive.
GOLD:
India gold may extend gains on Friday tracking a weaker dollar overseas, which enhances the yellow metal's appeal as an alternative investment, analysts said.
The most-active June gold contract on MCX MAUM0 closed at 17,763 rupees per 10 grams, up 2.6 percent, after hitting an intra-day high of 17,800 rupees, a level last seen on Dec. 4.
The contract may open at 17,790 rupees, said Murukesh Kumar, senior analyst, JRG Wealth Management.
"Buy gold on dips at 17,740, targeting 17,850/18,000, with a stop loss of 17,690," said Kumar.
The dollar index, which gauges the greenback's performance against a basket of currencies, was trading 0.14 percent lower at 84.772.
"Gold may test the resistance level of 18,000 at least by tommorrow," said Chauhan.
