RTRS: India copper, gold futures seen opening up slightly
MUMBAI, Oct 6 (Reuters) - India's copper futures may open slightly higher on Tuesday taking support from a weak dollar overseas and strong overnight U.S. service sector data, analysts said.
The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 0.1 percent higher at 286.20 rupees per kg in the previous session.
November copper may open at 287 rupees, said Abhishek Chauhan, technical analyst, Angel Commodities.
"Dollar and strong data would provide some support," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade. "The upside resistance is seen at 290 rupees."
The U.S. dollar slid -- making commodities cheaper for holders of other currencies -- following a newspaper report that Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the greenback with a basket of currencies in the trading of oil. [USD/]
Further support came from data released on Monday showing that the U.S. service sector grew in September for the first time in more than a year, helping heal the negative mood after a slew of poor U.S. data last week, capped by larger-than-expected job cuts last month. [ID:nN05400003]
Copper may trade in the range of 281-290 rupees, said Angel's Chauhan.
The October zinc contract MZIV9 closed 1.8 percent lower at 88.70 rupees per kg, while lead for October delivery MLDV9 ended 2.3 percent lower at 100.70 rupees per kg in the last session.
GOLD:
India's gold futures may open slightly higher supported by a a weak dollar overseas, enhancing the yellow metal's appeal as an alternative investment, analysts said.
The benchmark December gold MAUZ9 closed 0.4 percent higher at 15,659 rupees per 10 grams in the previous session.
The contract is likely to open at 15,675 rupees per 10 grams, said Kunal Shah, an analyst at Nirmal Bang Commodities.
"The outlook is still on the higher side looking at the way dollar has weakened."
Gold may trade in the range of 15,625-15,785 rupees, said Gnanasekar Thiagarajan, director, Commtrendz Research.
(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)
