RTRS: India copper, gold futures seen opening lower
MUMBAI, Oct 9 (Reuters) - India's copper futures may open slightly lower on Friday weighed by a strong dollar overseas, after the red metal gained 2.7 percent in the previous session, analysts said.
The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended at 294.70 rupees per kg in the previous session.
November copper may open at 293 rupees, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
"A strong dollar after Bernanke's comments would weigh on copper. But the trading would be very sideways, range expected is 290-297 rupees," said Prasad.
The U.S. dollar rose, with comments from Reserve Chairman Ben Bernanke that indicated monetary policy might have to be tightened as a recovery takes hold, helping to pull the greenback off 14-month lows against a basket of currencies.
A strong dollar typically weighs on dollar-denominated copper by making it expensive for investors outside the U.S.
Copper may trade in the range of 292-298 rupees, Abhishek Chauhan, technical analyst, Angel Cmmodities.
The October zinc contract MZIV9 closed 5.7 percent higher at 94.80 rupees per kg, while lead for October delivery MLDV9 ended 4.6 percent higher at 104.20 rupees per kg in the last session.
GOLD:
India's gold futures may open slightly lower on a strong dollar, dimming the yellow metal's appeal as an alternative investment, analysts said.
The benchmark December gold MAUZ9 closed 0.2 percent higher at 15,839 rupees per 10 grams in the previous session.
The contract is likely to open at 15,800 rupees per 10 grams, Kunal Shah, analyst, Nirmal Bang Commodities.
"There might be some profit-taking after Bernanke's statement yesterday which supported dollar. Downside is seen till 15,750 rupees," said Shah.
"Gold might correct on the back of weak euro and some profit-taking," said Gnanasekar Thiagarajan, director, Commtrendz Research. Support is placed at 15,755/15,765 rupees. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)