| Subject: |
India copper seen a tad higher at open; gold flat |
|
MUMBAI, March 10 - India copper futures may open slightly higher on Wednesday following overseas markets, where strong copper imports into China, the largest consumer of the metal, revived hopes of strong demand outlook, analysts said.
The most-active April copper MCCJ0 on the Multi Commodity Exchange (MCX) last closed at 342.50 rupees per kg, down 0.05 percent.
The contract may open at 343/344 rupees, said Murukesh Kumar, an analyst with JRG Wealth Management.
Three-month London copper MCU3=LX was 0.43 percent higher at $7,540 a tonne at 9:35 a.m.
China imported 322,282 tonnes of copper in February as against 292,096 tonnes. See [ID:nBJI002234]
"It is expected to trade with an upside bias due to higher import numbers from China, range seen is 337-347 rupees," said Kumar.
"Positive imports from China would help copper to scale to 348.50/350 levels," said Kunal Shah of Nirmal Bang Commodities.
GOLD:
India gold may open steady on Wednesday morning following flat international markets, after losing about 1 percent in the previous two sessions, analysts said.
The most-active April gold contract on MCX closed at 16,727 rupees per 10 grams, down 0.07 percent, in the previous session.
The contract may open at 16,720 rupees, said Tejas Seth, senior analyst with SMC Global, adding it may trade in the range of 16,600-16,920 for the day.
International gold, which guides the local markets, steadied after the euro bounced slightly higher against the U.S. dollar though weaker oil prices could prompt new selling.
"Weaker dollar may help gold and may move upto 16,770 today," said Nirmal Bang's Shah.
Source : REUTERS
|