RTRS: India copper, gold futures set to open higher
India copper futures are expected to open higher tracking overseas leads, where a weak dollar and rising crude supported the red metal, analysts said.
The benchmark June contract MCCM9 on the Multi Commodity Exchange, (MCX) closed 0.09 percent lower at 228.50 rupees per kg in the previous session.
It may open at 229.30 rupees per kg, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade. The dollar hit a four-month low against a basket of currencies and a seven-week trough versus the euro facing renewed selling amid a recovery in risk appetite that has curbed safe-haven buying of dollars. [USD/]
However, a firm rupee might cap the upside, said Karvy's Prasad, adding crucial support is pegged at 226 rupees.
A firm rupee makes the dollar-quoted asset cheaper.
Copper may trade in the range of 229-237 rupees, said Abhishek Chauhan, a technical analyst with Angel Commodities. The May zinc futures MZIK9 ended 0.3 percent lower at 75.10 rupees per kg, while lead for May delivery MLDK9 closed 1.3 percent higher at 71.95 rupees per kg in the previous session.
GOLD:
Futures are likely to open higher tracking a weak dollar overseas and wider U.S. trade gap, analysts said.
The benchmark June contract MAUM9 closed 0.9 percent higher at 14,697 rupees per 10 grams in the last session.
It may open at 14,740 rupees, said Kunal Shah, an analyst with Nirmal Bang Commodities.
A weak dollar boost gold's appeal as an alternative asset.
"The bias is on the upside on weak dollar with resistance pegged at 14,800," said Shah.
Prices may be in the range of 14,640-14,800 rupees, said Karvy's Prasad.