Mumbai: Indian copper futures may rise on 17 March, tracking gains in London futures as poor returns on U.S. holdings due to a weak dollar prompted funds and foreign investors to turn to metals, analysts said.
The most active April contract on the Multi Commodity Exchange of India (MCX) ended up 0.71% at Rs340.30 a kg on 14 March. It may open around Rs344 on 17 March, an analyst with Indiabulls Commodities said.
Other basemetals are expected to track gains in copper. Aluminium may however be weighed down by hefty stocks in LME warehouses, which crossed over 1 million tonnes, their highest in nearly four years.
Gold futures are set to open at record highs as foreign markets struck a new high in Asian trade at $1,030.80 an ounce on a tumbling dollar overseas.
Benchmark April gold on the Multi Commodity Exchange of India Ltd is seen opening between Rs13,300 per 10 grams and Rs13,350.
April gold closed on 15 March at Rs13,035.