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RTRS: India gold futures seen opening steady; copper up
 
MUMBAI, Nov 20 (Reuters) - India gold futures may open steady on Friday as pressure from profit-taking is likely to be offset by a weak rupee, after the yellow metal struck a fresh record high in the previous session, analysts said.

The benchmark December gold MAUZ9 on the Multi Commodity Exchange (MCX) closed 0.7 percent higher at 17,231 rupees per 10 grams, after hitting a record high of 17,243 rupees in the last session.

December gold is likely to open at 17,240/17,250 rupees per 10 grams, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.

"The trend would be sideways to higher, gold may face resistance at 17,300 rupees," said Prasad.

The Indian rupee weakened on Friday after dropping to a one-week low in the previous session, weighed by shaky regional stocks and the dollar's firmness against majors. [INR/]

A weak rupee makes the dollar-quoted gold expensive.

"We expect some profit-taking to happen later, trading range would be 17,150-17,300 rupees," said Murukesh Kumar, senior research analyst with JRG Wealth Management.

COPPER:

India's copper futures may open slightly higher on the back of a weak rupee, which makes the dollar-quoted asset expensive, and firm overseas leads, analysts said.

The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 0.09 percent higher at 317.30 rupees per kg.

November copper may open at 318/318.5 rupees, said Tejas Seth, senior research analyst with SMC Comtrade.

Three-month LME copper MCU3=LX was 0.28 percent higher at 6,845 a tonne at 9:17 a.m.

"Copper may trade higher as a weaker rupee may support along with (fresh) buying," said Seth.

November zinc contract MZIX9 closed 0.4 percent lower at 102.60 rupees per kg, while lead for November delivery MLDX9 ended 1.1 percent lower at 108.30 rupees per kg in the previous session. (Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)

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