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RTRS: India copper, gold futures seen opening a tad up
 
MUMBAI, Nov 11 (Reuters) - India's copper futures may open slightly higher on Wednesday boosted by strong industrial output numbers from China, the biggest consumer of the red metal, analysts said.

The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 0.03 percent higher at 304.45 rupees per kg in the previous session.

November copper may open at 305/305.50 rupees, said Murukesh Kumar, an analyst with JRG Wealth Management.

"Chinese data would support market today and copper may face resistance at 308 rupees," said Abhishek Chauhan, an analyst with Angel Commodities.

Copper may trade in the range of 301-309 rupees, said JRG's Kumar.

Data released on Wednesday showed that industrial output growth in the world's No. 2 oil user spurted to a 19-month high in the year to October, underlining the Chinese economy's brisk recovery from the global downturn in response to massive fiscal and monetary stimulus. See [ID:nPEK294743]

The November zinc contract MZIX9 closed 0.2 percent lower at 100.10 rupees per kg, while lead for November delivery MLDX9 ended 0.6 percent higher at 105.35 rupees per kg in the previous session.

GOLD:

India's gold futures may open slightly higher on the back of a weak dollar overseas, enhancing the yellow metal's appeal as an alternative asset, analysts said.

The benchmark December gold MAUZ9 on the Multi Commodity Exchange (MCX) closed 0.1 percent higher at 16,634 rupees per 10 grams.

December gold is likely to open at 16,665 rupees per 10 grams, said Kunal Shah, an analyst with Nirmal Bang Commodities.

The U.S. dollar slipped, but managed to avoid a break of recent 15-month lows on a basket of currencies as investors paused for breath after a recent spike in the euro and higher-yielders. [USD/]

"The outlook is still positive for gold on weak dollar and inflationary expectations, we still recommend to go long at 16,600, for a target of 16,695," said Shah.

Source