BLBG: India copper seen higher on global leads, gold flat
India copper may open higher on Friday, despite falling 2.4 percent the previous session, after overseas prices jumped, an analyst said.
Copper prices in London rose by as much as 8 percent and hit their upside limit in Shanghai on Friday, reversing the previous day's losses as commodity markets pushed higher after U.S. jobs data. See [ID:nSP9549] The benchmark February contract MCCG9 on the Multi Commodity Exchange (MCX) ended the last session at 161 rupees per kg. It may open at around 163 rupees, the analyst said.
Copper may consolidate for the day, said another analyst at a Hyderabad-based commodity brokerage, adding the red metal may trade in the range of 158-165 rupees for the day.
January zinc MZIF9 ended at 59.95 rupees per kg, while lead for January MLDF9 closed at 56.95 rupees per kg.
GOLD:
Futures are expected to open little changed, in step with international markets, an analyst said.
COMEX gold for February delivery was almost unchanged, with investors mostly taking a wait-and-see stance ahead of the U.S. jobs data. The MCX February contract MAUG9 rose by more than 1 percent to 13,429 rupees per 10 grams the previous session.
It may open around 13,430 rupees and trade in the range of 13,250-13,600 rupees, the analyst added.