RTRS: India copper seen slightly higher; gold steady
MUMBAI, Feb 15 (Reuters) - India's copper futures may open slightly higher on Monday tracking a firm LME, but monetary tightening in China, the world's largest consumer of industrial metals, could weigh later in the session, analysts said.
The most-active February copper MCCG0 on the Multi Commodity Exchange closed 0.05 percent lower at 314.90 rupees per kg in the last session.
February copper may open at 316 rupees, said Abhishek Chauhan, analyst with Angel Commodities.
Three-month London copper MCU3=LX was trading 0.60 percent higher at $6,831.00 a tonne at 9:21 a.m. [MET/L]
In a bid to cool the country's rapidly growing economy and combat inflation, China's central bank surprised markets by raising banks' reserve requirement 50 basis points effective on Feb. 25, the second such increase this year. [ID:nTOE61B069]
"Selling pressure would be there on the higher side, range seen is 310-315 rupees," said Chauhan.
"We are going short at 317, for a target of 313 and stop loss above 319," said Aurobinda Prasad, head of research, Karvy Comtrade.
GOLD:
India gold futures may open steady tracking overseas leads, but a higher rupee would weigh on the yellow metal later in the session, analysts said.
The benchmark gold April contract on MCX MAUJ0 closed at 16,503 rupees per 10 grams, up 0.3 percent in the last session.
The contract may open at 16,520 rupees, said Kunal Shah of Nirmal Bang Commodities.
International gold steadied around $1,095 an ounce as pent-up demand from the physical side remained solid despite recent dollar strength, which often dulls the allure of the precious metal. See [ID:nTOE61E00X]
The Indian rupee rose on Monday as some bunched-up dollar inflows helped the unit in the absence of cues from Asian peers, with a seesawing lower local sharemarket providing little direction. See [ID:nSGE61E038]
The partially convertible rupee INR=IN was trading stronger at 46.39/46.40 per dollar as against the previous close of 46.50/51 per dollar on Thursday.
Gold may trade in the range of 16,360-16,565, said Kunal Shah.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
