MUMBAI: India gold futures may edge lower in early trade on Tuesday on profit-taking after hitting a record high in the previous session, The benchmark December gold on the Multi Commodity Exchange (MCX) closed 0.7 per cent higher at 16,924 rupees per 10 grams, after hitting a fresh record high of 16,944 rupees.
December gold is likely to open at 16,900 rupees per 10 grams, said Aurobinda Prasad, head of research with Karvy Comtrade. "It may take some profit-booking till 16,890 early in the session, but might rise later," said Prasad. Gold may trade in the range of 16,825-16,980, said Kunal Shah, an analyst with Nirmal Bang Commodities.
Copper
India's copper futures may open slightly lower on profit-taking after rallying 3.8 per cent in the previous session, analysts said. The most-traded November contract on the Multi Commodity Exchange of India (MCX) ended 3.8 per cent higher at 314.50 rupees per kg on Monday, when a weaker dollar and strong US retail sales spurred buying in the red metal.
November copper may open at 313 rupees, said Abhishek Chauhan, technical analyst, Angel Commodities. "Copper could see further upside only if it trades above 315 rupees," said Chauhan. November zinc contract closed 3 per cent higher at 103.60 rupees per kg, while lead for November delivery ended 3.9 per cent higher at 108.90 rupees per kg in the previous session.
