MUMBAI (Reuters) - India gold may hit a fresh record high on Wednesday tracking strong overseas markets, where continued fears about euro zone debt problems spurred safe-haven buying in the yellow metal, analysts said.
The most-active June gold contract on MCX closed at 18,511 rupees per 10 grams, up 1.9 percent, after hitting a record high of 18,540 rupees on Tuesday.
The contract may open at 18,550 rupees, said Kunal Shah of Nirmal Bang Commodities.
International gold was trading higher at $1,203.40/1,204.30 against the previous close of 1,200.10/1,202.10 an ounce.
"Gold is still looking strong and may test 18,600 levels today," said Shah, adding buying is recommended at 18,480, targeting 18,600 rupees, maintaining a stop loss of 18,425.
"Gold is expected to hit new highs and test 18,600 rupees levels," said Murukesh Kumar, senior analyst with JRG Wealth Management.
COPPER:
India copper futures may recover from previous day's losses on Wednesday tracking strong overseas markets, analysts said.
The most-active June copper on the Multi Commodity Exchange (MCX) last closed at 320.95 rupees per kg, down 1 percent.
The contract may open at 321.50 rupees, said JRG's Kumar.
Three-month LME copper was trading 1.28 percent higher at $6,826.25 a tonne at 8:46 a.m.
Firm resistance is expected at 326 rupees, support is placed at 316, said Kumar.
One can initiate long positions in copper at 316, targeting 324/325, maintaining a stop loss of 313 rupees, said Nirmal Bang's Shah.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
