MUMBAI, July 13 (Reuters) - India's copper futures may open slightly higher on Monday helped by a weak rupee and record Chinese import figures, analysts said.
The most-traded August contract MCCQ9 on the Multi Commodity Exchange of India (MCX) ended flat at 240.25 rupees in the previous session.
MCX August copper may open at 241 rupees per kg, said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
The Indian rupee remained under pressure after posting its biggest weekly drop in four months last week, as shaky Asian shares pointed to little prospects for foreign fund inflows.
A weak rupee makes the dollar-quoted asset expensive locally.
China's imports of unwrought copper and semi-finished copper products rose an unexpected 12.6 percent to hit a new record in June for the fifth straight month on continued arrivals of contracted metal, according to data released on Friday. [ID:nHKG121365] However, analysts said, copper may trade weak later in the session on subdued Chinese demand and global economic worries.
"The bias is on the negative side on persistent demand concerns," said Shah.
Selling is recommended on a rise to 243 rupees, with a target of 236 rupees and a stop loss of 246.50 rupees, added Shah.
Copper may trade in the range of 238-244 rupees, Abhishek Chauhan, technical analyst with Angel Commodities.
The July zinc contract MZIN9 ended flat at 73.10 rupees per kg, while lead for July delivery MLDN9 ended steady at 77.80 rupees per kg in the previous session.
GOLD:
India's gold futures may open slightly higher supported by a weak rupee, analysts said.
The benchmark August gold MAUQ9 closed steady at 14,500 rupees in the previous session. The contract is likely to open at 14,515-14,520 rupees per 10 grams, said Aurobinda Prasad, deputy manager-research, with Karvy Comtrade.
"Gold may remain sideways on absence of major data points," said Prasad.
Gold may be in the range of 14,440-14,580 rupees, said BG Manjunath Prasad, a technical analyst with Way 2 Wealth Securities.
