RTRS: India copper futures set to open flat, gold lower
India's copper futures are expected to open flat on Friday tracking markets in London, analysts said.
However, a firm rupee may put pressure on the red metal later in the session, they added.
"Further buying would emerge only above 189 (rupees)," said Pranav Mer, an analyst with India Infoline in Mumbai.
"Copper is looking bullish technically," said Abhishek Chauhan, a technical analyst with Angel Commodities in Mumbai, adding the range seen is 185-193.
The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) ended 0.9 percent higher at 187.50 rupees per kg.
It may open at around 187-188 rupees per kg, and may trade in the range of 183-189, added India Infoline's Mer. March zinc MZIH9 ended at 62.65 rupees per kg, while lead for March MLDH9 closed at 64.00 rupees per kg.
GOLD:
India's gold futures are expected to open lower on firm rupee, and may consolidate before a leg up, analysts said.
"It is going to consolidate in the range of 15,250-15,575 today," said Gnansekar Gnanasekar Thiagarajan, director with Commtrendz Research in Mumbai, "the near-term target is 15,700."
"Technically, its between a channel and expected to trade sideways," said BG Manjunath Prasad, a technical analyst at Way 2 Wealth in Mumbai, adding the range seen is 15,190-15,380.
"If gold crosses 15,600, only then we can see more upside," Prasad added.
The benchmark April gold contract MAUJ9 closed 1.2 percent higher at 15,294 rupees per 10 grams.
It may open lower at 15,250 rupees per 10 grams, added Commtrendz's Thiagarajan.