India's copper futures are expected to open firm on Wednesday taking cues from London and positive macro-economic data from the U.S., analysts said.
Positive U.S. purchasing manager data and comments by the Federal Reserve chairman that markets are in better shape now than last year, are seen supporting sentiment, analysts said.
The benchmark June copper MCCM9 on the Multi Commodity Exchange of India (MCX) on Tuesday ended 3.64 percent down at 227.55 rupees. It may open around 228-229 rupees per kg, one analyst said.
Copper prices are expected to trade up through the day taking support from a continuous drawdown in inventories, the analyst added.
May zinc MZIK9 ended down 2.25 percent at 74 rupees and lead for May delivery MLDK9 ended down 3.34 percent at 69.55 rupees per kg in the previous session.
GOLD:
India's gold futures are seen opening steady with a downside bias on the back of a strong dollar, analysts said.
Overseas gold dipped below $900 an ounce on Wednesday after a firmer U.S. dollar spurred selling, with investors turning their attention to the results of stress tests on U.S. banks. [nSP389638]
Gold futures are expected to be steady much of the day, awaiting cues from the results of stress tests on U.S. banks and the ECB meeting due on Thursday, analysts said.
