India gold futures are likely to tread water in early trades on Thursday as a drop in the overseas markets is seen outweighing depreciation of the local currency, analysts said. The most-active gold for February delivery on the Multi Commodity Exchange (MCX) ended 0.21 percent lower at 27,809 rupees per 10 grams in the previous session. International spot gold prices inched down in thin trade on Thursday as investors remained sceptical of the euro zone's ability to tackle its debt crisis after the European Central Bank's latest moves to keep credit flowing in the region. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal and copper. The rupee fell in early trade on Thursday as doubts about solving the euro zone debt crisis heightened the prospect of foreign funds outflows from riskier assets. COPPER Copper futures are likely to edge higher following a firm world market and stoked by a weaker rupee, analysts said. The most-active copper for February delivery on the MCX closed up 0.44 percent at 98.1 rupees per kg in the previous session. Three-month copper on the London Metal Exchange rose 0.27 percent to $7,475 a tonne by 9:29 a.m., after gaining 2.7 percent in the past two days. Prices have fallen 23 percent this year, the first annual drop in three.

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