RTRS: India copper to open slightly higher, gold down
MUMBAI, Sept 16 (Reuters) - India's copper futures may open higher on Wednesday buoyed by Fed chairman's comments the U.S. recession was probably over, coupled with better-than-expected retail and manufacturing data, analysts said.
The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 1.5 percent higher at 306.25 rupees per kg in the previous session.
November copper may open at 307 rupees, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
"We are expecting copper to be on a higher side on positive (U.S.) data and higher equity markets," said Prasad.
Federal Reserve Chairman Ben Bernanke said on Tuesday that the worst U.S. recession since the Great Depression was probably over, but the recovery would be slow and it would take time to create new jobs. See [ID:nN1523355]
U.S. retail sales grew at their fastest pace in 3-½ years in August, while New York State manufacturing activity hit a near two-year high in September. [ID:nN1576055] [ID:nN15548319]
"Copper's good support is towards 300 levels, as long as this level holds support we expect prices to edge higher towards 312 levels," said Paras Sejpal, an analyst with TransMarket Group.
The September zinc contract MZIU9 closed 1.1 percent higher at 90.35 rupees per kg, while lead for September delivery MLDU9 ended 4.4 percent higher at 106.70 rupees per kg in the last session.
