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India copper futures seen steady; gold may recover

India copper futures seen steady; gold may recover
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First Published: Fri, Jun 11 2010. 10 04 AM IST
Updated: Fri, Jun 11 2010. 10 04 AM IST
Mumbai: India copper futures are likely to trade steady on Friday morning tracing overseas leads, analysts said.
The most-active June copper on the Multi Commodity Exchange (MCX) last closed at Rs297.70 per kg, up 0.7%.
The contract may open at Rs298, said Kunal Shah of Nirmal Bang Commodities.
London copper was steady, underpinned by firmer equities and positive data from Japan, China and the United States and as worries about the euro zone eased after a successful Spanish debt auction.
“Buying could be done in copper at 298 on returning risk appetite, targeting 302.50,” said Shah.
Gold
India gold futures may recover from their previous day’s low on Friday morning tailing firm overseas markets, but a strong rupee could limit the upside, analysts said.
The most-active August gold contract on MCX last closed at Rs18,599 per 10 grams, down 1%, after hitting a low of Rs18,555.
The contract may open at Rs18,620, said Nirmal Bang’s Shah.
Gold could trade in the range of Rs18,500-18,690, said Shah.
A strong rupee makes the dollar-quoted asset cheaper.
Gold may trade in the range Rs18,500-18,680, said Aurobinda Prasad, head of research, Karvy Comtrade.
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First Published: Fri, Jun 11 2010. 10 04 AM IST
More Topics: India | Metals | Gold | Copper | MCX |