MUMBAI, June 11 (Reuters) - India's copper futures are expected to open flat on Thursday on overseas cues, with record Chinese import data seen supporting prices during the session, analysts said.
The benchmark June copper MCCM9 on the Multi Commodity Exchange of India (MCX) ended 0.06 percent higher at 247.10 rupees in the previous session.
It may open at 246.90 rupees per kg, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade in Hyderabad.
China's imports of unwrought copper and semi-finished copper products hit a new record of 422,666 tonnes in May, up from the previous record 399,833 tonnes in April, customs data showed. See [ID:nBJI000172]
Investors would now await China's industrial output data on Friday, to gauge the health of the world's third-largest economy. A strong economy helps base metals as industrial demand tends to rise amid increased economic activity.
Copper may trade in the range of 240-254 rupees, said Paras Sejpal, an analyst with TransMarket Group.
June zinc MZIM9 ended flat at 75.90 rupees and lead for June delivery MLDM9 ended 1 percent lower at 81.50 rupees per kg in the previous session.
GOLD:
India's gold futures may also open flat and investors would eye moves in crude oil and dollar for direction, analysts said.
The benchmark August gold MAUQ9 closed 0.08 percent lower at 14,595 rupees in the previous session.
The contract is likely to open flat at 14,600 rupees per 10 grams, said Krishna Reddy, an analyst with Way 2 Wealth Securities.
Gold is considered as an alternative investment to the greenback and the yellow metal is also considered as a hedge against inflation.
"We expect sideways movement in gold due to lack of cues," said Reddy.
Gold may trade in the range of 14,500-14,740, said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
