RTRS: India copper, gold futures set to open higher
India copper futures may open slightly higher in step with markets in London, an analyst said.
At 9:23 a.m., three-month copper in London traded higher by 1.46 percent at $3,338 a tonne, after hitting a high of $3,355 earlier in the session.
"Copper would be largely trading sideways," said an analyst at a commodity brokerage, adding it may trade in the range of 158-166 rupees.
The benchmark copper February contract MCCG9 on the Multi Commodity Exchange (MCX) ended the last session 2.6 percent lower at 164.10 rupees per kg. It may open at around 166 rupees, the analyst said.
January zinc MZIF9 ended at 59.85 rupees per kg, while lead for January MLDF9 closed at 56.45 rupees per kg.
GOLD:
Gold futures are expected to open firm on follow-through buying after local futures rose above a key technical level, analysts said, adding that a weak rupee may also help push prices higher.
The MCX February contract MAUG9 closed 3 percent up at 13,493 rupees per 10 grams the previous session, rising above 13,120 rupees that some analysts said was a key resistance level.
It may open around 13,520 rupees per 10 grams and trade in the range of 13,400-13,650 rupees, the analyst added.