RTRS: India copper futures may open higher, gold down
MUMBAI, June 29 (Reuters) - India's copper futures are expected to open higher on Monday supported by declining stockpiles of the red metal in London, analysts said.
The most traded June copper MCCM9 on the Multi Commodity Exchange of India (MCX) ended 0.24 percent lower at 243.10 rupees in the previous session.
It may open at 244.50 rupees per kg, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade in Hyderabad.
Copper stocks in the London Metal Exchange fell on Friday by 1,350 tonnes to 270,250 tonnes.
"Copper would trade sideways to positive for the day on lower stocks," said Prasad.
Investors are eyeing a flood of economic data this week, including China's Purchasing Managers Index on Wednesday, U.S. consumer confidence on Tuesday and U.S. June job figures and manufacturing data on Thursday to gauge if the economy is on a path to sustainable recovery. [nSP459462]
Copper may trade in the range of 240-248 rupees, said Abhishek Chauhan, technical analyst, Angel Commodities.
June zinc MZIM9 ended flat at 75.40 rupees and lead for June delivery MLDM9 ended steady at 82 rupees per kg in the previous session.
GOLD:
India's gold futures may open a tad lower tracking international markets, analysts said.
The benchmark August gold MAUQ9 closed steady at 14,643 rupees in the previous session.
Overseas gold, which guides the domestic market, softened a touch to around $935 on Monday on position adjustments, giving up gains from the previous session when it briefly rose to a two week high. See [ID:nT240800] The contract is likely to open at 14,625 rupees per 10 grams, said Gnanasekar Thiagarajan, director, Commtrendz Research.
"Gold should have a slight bearish bias today on a bounce in dollar," said Thiagarajan.
Gold may trade in the range of 14,500-14,650 rupees, said Pranav Mer, an analyst with India Infoline.