MUMBAI, July 27 (Reuters) - India's copper futures may open slightly higher on Monday supported by brightening economic outlook overseas, which may result in a revival in demand, analysts said.
The most-traded August contract MCCQ9 on the Multi Commodity Exchange of India (MCX) ended 0.2 percent higher at 268.10 rupees per kg in the previous session.
MCX August copper may open at 268.70 rupees per kg, said Kunal Shah, assistant vice-president with Nirmal Bang Commodities. "We might see some profit-taking later in the session, and the upside would be capped till 272.5 (rupees)."
Europe produced a raft of survey reports that suggested the worst of the recession may have passed and that industrial output has started to stabilise. [ID:nLO166466]
"Copper's good support is towards 263-263.50 levels, as long as this level holds support expect prices to edge higher towards 275 levels and find resistance there," said Paras Sejpal, an analyst with TransMarket Group in Mumbai.
The July zinc contract MZIN9 closed flat at 80.60 rupees per kg, while lead for July delivery MLDN9 also ended flat at 84.35 rupees per kg in the last session.
GOLD:
India's gold futures may open slightly lower on overseas leads, analysts said.
The benchmark August gold MAUQ9 closed 0.1 percent higher at 14,900 rupees per 10 grams in the previous session.
The contract is likely to open at 14,865 rupees per 10 grams, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade. "It would move in a tight range of 14,830-14,950 rupees."
Overseas cash gold prices inched down, paring gains made late last week, as investors watched the dollar and stocks for direction after economic optimism fueled inflation concerns and boosted bullion's hedge appeal.
Gold may trade in the range of 14,850-15,000, said Abhishek Chauhan, technical analyst, Angel Commodities.
(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu) ((siddesh.mayenkar@thomsonreuters.com; +91-22-6636 9163; Reuters Messaging:siddesh.mayenkar.thomsonreuters.com@reuters.net))
