RTRS: India copper seen steady, gold may open higher
MUMBAI, Dec 21 (Reuters) - India's copper futures are expected to open steady with an upside bias on Monday tracking markets in London, analysts said.
London copper rose more than 1 percent in subdued trading on Monday, while Shanghai copper edged lower. [nTOE5BK029]
A strong U.S. dollar may cap gains later in the day, analysts said. The dollar held firm on Monday near its highest point in more than three months against the euro. [USD/]
A strong dollar makes commodities denominated in the U.S unit expensive for holders of other currencies.
The benchmark February copper MCCG0 on the Multi Commodity Exchange of India (MCX) on Saturday ended up 0.06 percent at 324.85 rupees.
It may open around 325-325.5 rupees per kg, one analyst said.
GOLD:
India's gold futures are likely to open higher tracking a weak rupee and firm overseas leads, analysts said.
International gold prices inched up on Monday but the dollar's firmness curbed investor appetite for the metal amid light trading ahead of the Christmas holidays. See [ID:nTOE5BJ019]
The Indian rupee fell early on Monday tracking broadly lower regional peers but the local sharemarket open was watched for further cues on the direction of fund flows. See [ID:nSGE5BK03A]
A weak rupee makes the dollar denominated commodity expensive.
The benchmark February gold MAUG0 on the MCX last closed 0.17 percent higher at 16,969 rupees per 10 grams. (Reporting by Nandita Bose and Sourav Mishra; Editing by Harish Nambiar)
