MUMBAI: India copper futures may extend previous day's losses in early trades on Tuesday, tracking weak overseas leads, where a strong dollar weighed on the red metal, analysts said. The most-active August copper on the Multi Commodity Exchange (MCX) last closed at 339 rupees per kg, down 0.03 percent.
The contract may open at 338.5 rupees, said Aurobinda Prasad, head of research, Karvy Comtrade. Three-month London copper was trading 0.12 percent lower at $7,265 a tonne at 8:52 a.m. The trend in copper prices is headed lower "and we would remain on the selling side due to dollar," said Prasad. He recommends selling at 340.5, targeting 337 and maintaining a stop loss at 342.
GOLD: India gold futures may extend previous session's losses on Tuesday following weak overseas markets, where a strong dollar and weak equities pressured the yellow metal, analysts said. The most-active October gold contract on MCX last closed at 18,705 rupees per 10 grams, down 0.11 percent. The contract may open at 18,670 rupees, said Karvy's Prasad. International gold slipped to its lowest level in nearly a week as weaker equities prompted speculators to sell bullion to cover losses.
"We would remain on the selling side in gold as well," selling could be done at 18,690 for a target of 18,610, said Prasad. Investors would await the release of the existing home sales from the U.S. for direction.
