RTRS: India copper to open slightly lower; gold up
MUMBAI, Aug 14 (Reuters) - India's copper futures may open slightly lower on Friday on profit-taking after the red metal gained more than 3 percent in the previous session, analysts said.
The most-traded August contract MCCQ9 on the Multi Commodity Exchange of India (MCX) ended 3.1 percent higher at 309 rupees per kg in the previous session, when brighter economic and demand prospects spurred buying.
MCX copper contract may open at 307.50 rupees, said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
"There might slight profit-taking early in the session, but the momentum is strong on talks of economic recovery globally. Copper may be in the range of 301.50-312 (rupees)," said Shah.
"Copper good support is placed towards 304-304.50 rupees levels as long as this level holds support, (we) expect prices to edge higher towards 318 rupees levels and find strong resistance there," said Paras Sejpal, an analyst with TransMarket Group Research.
The August zinc contract MZIQ9 closed 2.1 percent higher at 90.55 rupees per kg, while lead for August delivery MLDQ9 ended 2.7 percent higher at 91.60 rupees per kg in the last session.
GOLD:
India's gold futures may open higher supported by a rise in crude oil, strengthening the bullion's appeal as a hedge against inflation, analysts said.
The benchmark October gold MAUV9 closed 0.5 percent higher at 14,938 rupees per 10 grams in the previous session.
The contract is likely to open at 14,970 rupees per 10 grams, said Abhishek Chauhan, an analyst with Angel Commodities. "The bias is still on the upside, with resistance placed at 15,050 rupees."
Oil prices extended gains above $71 a barrel CLc1 on Friday, rising more than $1, while Japanese and Asian stocks gained. [O/R] [.T] [.MIAPJ0000PUS]
Gold may trade in the range of 14,880-15,040 rupees, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
(Reporting by Siddesh Mayenkar; Editing by Ramya Venugopal)