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RTRS: India copper, gold seen opening slightly lower
 
MUMBAI, Oct 15 (Reuters) - India's copper futures may open slightly lower on Thursday weighed by a strong rupee, which makes the dollar-quoted asset cheaper, analysts said.

However, optimism on the global economy and strong demand from China could support the red metal later in the session, they added. See [ID:nSP540802]

The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 1.3 percent higher at 290 rupees per kg in the previous session.

November copper may open at 289.50 rupees, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.

The Indian rupee strengthened past the 46 per dollar mark in opening deals, rising to its highest in nearly 13 months, buoyed by the dollar's extended fall versus majors and other Asian units. [INR/]

"Copper would trade extremely sideways today and may be in the range of 287-293 rupees," said Prasad.

"We expect copper to edge higher towards 297-297.50 levels and find resistance there," said Paras Sejpal, an analyst with TransMarket Group Research.

The October zinc contract MZIV9 closed up 0.3 percent at 93.35 rupees per kg, while lead for October delivery MLDV9 ended 0.8 percent higher at 101.35 rupees per kg in the previous session.

GOLD:

India's gold futures may open lower on a strong rupee, which makes the dollar-quoted asset cheaper, analysts said.

However, strong crude oil, which enhances the appeal of the yellow metal as a hedge against oil-led inflation, could support later in the day, they added. See [ID:nSIN546046]

The benchmark December gold MAUZ9 closed 0.7 percent lower at 15,921 rupees per 10 grams. It had struck a record high of 16,048 rupees earlier this week.

The contract is likely to open at 15,900 rupees per 10 grams, said Kunal Shah, an analyst with Nirmal Bang Commodities.

"The bias is still on the upside and crude may come in support," said Shah.

Gold might trade in between 15,830-15,990 rupees, added Shah.

(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)

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