RTRS: India copper seen at contract high; gold down
Feb 3 (Reuters) - India copper futures are likely to extend the previous session's gains on Thursday morning to hit a fresh contract high following gains in the London market, analysts said.
London copper futures rallied to a record high at $9,993 a tonne on Thursday, buoyed by bullish chart patterns and positive fundamentals stemming from optimism about China and the United States. See [ID:nL3E7D303O]
The most-active February copper MCCc1 on the Multi Commodity Exchange (MCX) last closed at 458.8 rupees per kg, up 0.15 percent, easing from a contract high of 460.25 rupees.
GOLD:
India gold futures are likely to open lower on Thursday tracking losses in the overseas markets amid a steady rupee, analysts said.
The most-active February gold contract on MCX MAUc1 last closed at 19,754 rupees per 10 grams, down 0.16 percent.
The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars. [INR/]
International gold fell further on Thursday on economic optimism in the United States and Europe, but rising oil prices could offer support, while physical demand was expected to pick up again after the Lunar New Year celebration. See [ID:nL3E7D3015]
(Reporting by Rajendra Jadhav; editing by Sunil Nair)
