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Gold seen extending gains to record; copper down

Gold seen extending gains to record; copper down
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First Published: Wed, Nov 10 2010. 09 24 AM IST
Updated: Wed, Nov 10 2010. 09 24 AM IST
Mumbai: India gold futures are likely to extend gains for a sixth session to hit another peak on Wednesday tracking firm overseas markets, analysts said.
The most-active December gold contract on MCX last closed at Rs20,527 per 10 grams, up 0.94%, after hitting a record high of Rs20,569.
The contract had gained 4.5% in the previous five sessions. The contract may open at Rs20,550, said Kunal Shah, assistant vice-president, Nirmal Bang Commodities.
International gold bounced up nearly half a percent, after pulling sharply off a record high in the previous session, as worries about euro zone sovereign debt kept market sentiment buoyant.
“Any dip in prices should be used to re-enter long positions in gold,” said Shah, adding buying could be done at 20,480, for a target of Rs20,640, maintaining a stop loss of 20,415 rupees.
Copper
India copper futures are likely to ease on Wednesday morning tracking overseas markets, with traders eyeing the movement in the rupee for direction, analysts said.
The most-active November copper on the Multi Commodity Exchange (MCX) last closed at Rs395.75 per kg, up 1.97%.
The contract may open at Rs394, said Nirmal Bang’s Shah. Three-month London copper was trading 0.53% lower at $8,754 a tonne at 9:21 am.
“The bias is still positive and buying on decline would be a good strategy,” said Shah.
Buying can be done at Rs391.50/392, for a target of Rs397, said Shah.
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First Published: Wed, Nov 10 2010. 09 24 AM IST