| Date: |
09-03-2012 |
| Subject: |
Gold, copper seen down on stronger rupee Close |
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MUMBAI: Indian gold futures are likely to open down on Friday, tracking a firmer rupee that makes the dollar-quoted yellow metal cheaper, analysts said.
* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) last ended 0.29 percent up at 27,972 rupees per 10 grams.
* The rupee, which rose 30 paisa to the dollar in early trade, plays an important role in determining the landed cost of copper and gold.
COPPER
Copper futures are also likely to open lower as the rupee's gains could offset the firm trend in overseas market, analysts said.
* The most-active copper for April delivery on the MCX last ended 0.15 percent higher at 422.55 rupees per kg.
* London copper rose for a third day in a row on Friday after data showing Chinese inflation at a 20-month low raised hopes for further monetary easing that could spur demand from the world's top consumer of the metal.
Source : economictimes.indiatimes.com
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