India copper futures are expected to open flat on Wednesday following overseas cues, but a weak rupee may support the red metal later in the session, analysts said. The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) closed 1.3 percent lower at 202.20 rupees per kg. It may open at around 202 rupees per kg and may trade in the range of 200-206 with major support pegged at 199 rupees, said Pranav Mer, an analyst with India Infoline in Mumbai. At 9:24 a.m. three-month London copper was 0.13 percent higher at $3,990 a tonne. A weak rupee makes the dollar-quoted asset expensive. See [ID:nBOM36004] Analysts said copper may perk up later in the session on bargain buying after Tuesday's decline and would be further supported by a weak rupee. "There is a positive bias on the back of a weak rupee. Today's range is seen between 199-205 (rupees)," said Abhishek Chauhan, a technical analyst with Angel Commodities. March zinc MZIH9 ended at 63.45 rupees per kg, while lead for March MLDH9 closed at 64.55 rupees per kg. GOLD: The rupee's weakness may also help gold futures rise slightly in opening trades, while record ETF buying overseas will also support, analysts said. The benchmark April contract MAUJ9 closed 2.3 percent lower at 15,073 rupees per 10 grams. It may open at around 15,120-15,130 rupees per 10 grams, said Harish Galipelli, head of research with Karvy Comtrade. "Gold should be a little bullish today on rupee depreciation and record ETF holdings overseas," said Gnanasekar Thiagarajan, director with Commtrendz Research in Mumbai. Gold may touch the resistance of 15,350 rupees later in the session, Thiagarajan added. The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust GLD, said its holdings rose to a record 1,124.99 tonnes as of March 24, up 10.7 tonnes from the previous day. The previous record was 1,114.60 tonnes marked on March 20. [GOL/SPDR]

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