RTRS: India copper seen opening slightly lower; gold up
MUMBAI, Oct 29 (Reuters) - India's copper futures may open slightly lower on Thursday, weighed by renewed concerns on the pace of economic recovery after overnight U.S. housing data, analysts said.
U.S. housing data released on Wednesday disappointed with sales of newly built single-family homes unexpectedly down in September, recording their first decline since March. [ID:nN28304343]
The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 1 percent lower at 308.05 rupees per kg in the previous session.
November copper may open at 307 rupees, said Abhishek Chauhan, technical analyst with Angel Commodities.
"Yesterday's weak data and continuing recovery in dollar may pressure prices. Copper may move in the range of 300-310 rupees," said Harish Galipelli, head of research with JRG Wealth Management.
"The movement could be on the lower side," said Chauhan. He said it was expected to trade in 304-312 rupees range.
October zinc contract MZIV9 closed 3.8 percent lower at 102.95 rupees per kg, while lead for October delivery MLDV9 ended 0.4 percent lower at 105.75 rupees per kg in the previous session.
GOLD:
India's gold futures may open slightly higher supported by a weak rupee, which makes the dollar-quoted asset expensive, analysts said.
The benchmark December gold MAUZ9 closed 0.1 percent higher at 15,876 rupees per 10 grams in the previous session.
December gold is likely to open at 15,880/15,885 rupees per 10 grams, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
The Indian rupee extended losses following sharp losses in global equity markets which pushed down most regional shares and currencies. [INR/]
"Initially we are expecting some upside, but gold may come down later in the session," said Prasad.
Selling is recommended at 15,900 rupees, with a stop loss of above 15,930 and targeting 15,830 rupees, he added.
"There could be more profit-taking in gold if it breaches important support levels, support is seen at 15,820 rupees," said Kunal Shah, an analyst with Nirmal Bang Commodities. (Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
