RTRS: India copper may open slightly higher, gold lower
MUMBAI, July 15 (Reuters) - India's copper futures may open open slightly higher on Wednesday taking support from rising regional equity markets, analysts said.
The most-traded August contract MCCQ9 on the Multi Commodity Exchange of India (MCX) ended 2.5 percent higher at 247.50 rupees in the previous session.
MCX August copper may open at 249 rupees per kg, said Aurobinda Prasad, deputy manager-research with Karvy Comtrade. "Stronger equity markets would continue to support copper. Resistance is pegged at 251.5 rupees."
Asian share markets gained for a second session as blockbuster results from tech bellweather Intel Corp (INTC.O: Quote, Profile, Research) seemed to augur well for the U.S. earnings season and for consumer demand globally. See [ID:nSP514274]
"Copper's good support is towards 243-243.50 levels, as long as this level holds support, expect prices to edge higher towards 255 (rupees) levels," said Paras Sejpal, an analyst with TransMarket Group.
The July zinc contract MZIN9 ended 1.8 percent higher at 72.50 rupees per kg, while lead for July delivery MLDN9 ended 1.7 percent higher at 77.10 rupees per kg on Tuesday.
GOLD:
India's gold futures may open slightly lower weighed by a strong rupee, making imported yellow metal cheaper, but may recover later on inflationary concerns, analysts said.
The benchmark August gold MAUQ9 closed 0.4 percent higher at 14,656 rupees in the previous session. The contract is likely to open at 14,630 rupees per 10 grams, said Abhishek Chauhan, technical analyst, Angel Commodities.
The Indian rupee extended gains for a second day, with firmer Asian stock markets boosting the outlook for foreign equity inflows and underpinned by the dollar's weakness against majors.
Analysts said gold may tread higher later in the session on inflationary concerns sparked by rising crude oil.
"Apart from inflationary concerns, a weak dollar may also help. Resistance is pegged at 14,725 rupees," said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
Gold may be in the range of 14,525-14,750 rupees, said Chauhan.
