RTRS: India copper futures may open lower; gold flat
MUMBAI, July 23 (Reuters) - India's copper futures may open slightly lower on Thursday on a strong rupee and lower London markets, but may recover later in the session on hopes of demand revival, analysts said.
The most-traded August contract MCCQ9 on the Multi Commodity Exchange of India (MCX) ended 3.24 percent higher at 269 rupees per kg in the previous session.
MCX August copper may open at 268 rupees per kg, said Abhishek Chauhan, technical analyst with Angel Commodities. "The overall trend is still up, with 266 rupees appearing to be a good buying level."
The Indian rupee snapped a two-day fall and rose following firmer Asian stock markets. A strong rupee makes the dollar-quoted asset cheaper.
Three-month London copper was 0.91 percent lower at $5,498.50 a tonne at 9:33 a.m.
Copper is drawing its strength from a weak dollar, and 275 could be the next target, said Krishna Reddy, an analyst with Way 2 Wealth Securities.
The July zinc contract MZIN9 closed 3.6 percent higher at 80.80 rupees per kg, while lead for July delivery MLDN9 ended 2.6 percent higher at 81.90 rupees per kg in the last session.
GOLD:
India's gold futures may open flat on lack of fresh leads, analysts said.
The benchmark August gold MAUQ9 closed 0.5 percent higher at 14,939 rupees in the previous session.
The contract is likely to open at 14,930 rupees per 10 grams, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade. "Gold may be on the higher side later supported by weak dollar and firm crude. The resistance is placed at 15,000 rupees."
Gold may be in the range of 14,880-15,00 rupees, said Kunal Shah, analyst with Nirmal Bang Commodities.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)