RTRS: India copper futures set to open lower, gold flat
India copper futures are expected to open slightly lower on Friday as weak U.S. economic data overnight revived worries about growth and demand for industrial metals, analysts said.
The benchmark April contract MCCJ9 on the Multi Commodity Exchange, (MCX) closed 3.6 percent higher at 219.45 rupees per kg in the previous session.
It may open at 218.5 rupees per kg, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade in Hyderabad.
"Copper may trade down on weak U.S. data and may move in the range of 214-221 rupees," said Prasad.
U.S. data showed that the number of newly laid off U.S. workers filing claims for unemployment aid rose last week and sales of previously owned homes fell in March. [ID:nN23390443]
Support is pegged at 214-215 rupees, said Kunal Shah, an analyst with Nirmal Bang Commodities.
April zinc futures MZIJ9 ended 3.1 percent lower at 69.55 rupees per kg, while lead for April delivery MLDJ9 closed 2.9 percent lower at 71.70 rupees per kg in the previous session.
GOLD:
Futures are likely to open flat tracking overseas markets, after gaining 1.2 percent on dollar weakness and safe-haven buying after U.S. data came in weak, analysts said.
The benchmark June contract MAUM9 closed 1.2 percent at 14,598 rupees per 10 grams in the last session.
It may open at 14,600 rupees per 10 grams, said Abhishek Chauhan, technical analyst with Angel Commodities.
At 9:35 a.m., Comex June gold GCM9 was 0.09 percent up at $907.4 an ounce.
"Overall, market is looking bullish technically and may trade in the range of 14,420-14,700 rupees," said Chauhan.
"If rupee stabilises and does not appreciate much then we can see 14,725 later today," said Gnanasekar Thiagarajan, director with Commtrendz Research.
Analysts said traders would also be awaiting the details on the U.S. treasury's bank stress test for direction.