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RTRS: India copper futures may open flat, gold down
 
MUMBAI, June 9 (Reuters) - India's copper futures are expected to open flat on Tuesday, tracking markets in London, analysts said.

The benchmark June copper MCCM9 on the Multi Commodity Exchange of India (MCX) ended 0.31 percent up at 238.25 rupees in the previous session.

It may open at 238 rupees per kg, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade in Hyderabad.

Three-month London copper was almost flat at $4,980 a tonne, after hitting a high of $5,050 supported by a weak dollar.

Overall market looks range-bound with the possible range of 234-242 rupees, said Abhishek Chauhan, an analyst with Angel Commodities.

Analysts said investors would look at German industrial output for April and U.S. wholesale inventories slated later today for direction in the base metals complex, whose demand is largely dependant on economic activity.

June zinc MZIM9 ended 0.5 percent lower at 73.25 rupees and lead for June delivery MLDM9 ended 0.7 percent up at 78.20 rupees per kg in the previous session.

GOLD:

India's gold futures may also follow overseas cues and open slightly lower, analysts said.

The benchmark August gold MAUQ9 closed 0.2 percent lower at 14,601 rupees in the previous session.

The contract is likely to open at 14,570 rupees per 10 grams, said Pranav Mer, an analyst with India Infoline in Mumbai.

At 9:00 a.m., Comex August gold GCQ9 retreated from its high of $956.4 supported by a weak dollar, and last traded 0.37 percent lower at $949.0 an ounce.

"If gold trades below 14,660 (rupees), expect more downside till 14,400," added Mer.

Gold may trade in the range of 14,377-14,733 rupees, said Krishna Reddy, an analyst with Way 2 Wealth Securities.

Source