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RTRS: India copper seen opening down, gold may rise
 
MUMBAI, Nov 18 (Reuters) - India's copper futures are expected to open lower on Tuesday on weak demand and on fears about an extended global recession, analysts said.

Japan joined the eurozone in falling into recession and a survey showing the United States would soon join as its economy will continue to contract into early 2009. [ID:nN14446861]

The benchmark November copper MCCX8 on the Multi Commodity Exchange of India (MCX) on Monday ended down 2.75 percent at 182.3 rupees. It may open around 172.5-172 rupees per kg, one analyst said.

Copper prices are expected to trade weak later in the day as concerns about the health of the global economy is expected to keep industrial metals under pressure , analysts said.

November zinc MZIX8 ended down 2.05 percent at 57.35 rupees and lead for November delivery MLDX8 ended down 4.18 percent at 63.05 rupees per kg.

GOLD:

Indian gold futures are likely to open higher on firm crude oil prices, analysts said.

Oil edged above $55 a barrel on Tuesday after settling at its lowest in nearly 22 months, as fears mounted that the worsening global economic slump is trimming fuel demand further. See [ID:nSP61546]

Gold generally moves in tandem with crude oil as the latter signals inflation, while the metal negates it.

The December contract on MCX MAUZ8 is likely to trade in a range of 11,780-12,000 rupees per 10 grams, said an analyst. It ended at 11,881 rupees, up 73 rupees from the previous session.

(Reporting by Nandita Bose and Debiprasad Nayak; Editing by Prem Udayabhanu)

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