India gold, copper seen down on stronger rupee

MUMBAI Tue Jan 24, 2012 9:50am IST

A saleswoman displays a gold necklace at a jewellery showroom in Kolkata August 1, 2011. REUTERS/Rupak De Chowdhuri/Files

A saleswoman displays a gold necklace at a jewellery showroom in Kolkata August 1, 2011.

Credit: Reuters/Rupak De Chowdhuri/Files

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MUMBAI (Reuters) - India gold futures are likely to open down on Tuesday morning as a stronger rupee is likely to outweigh gains in overseas market, analysts said.

* The most-active gold for February delivery on the Multi Commodity Exchange last ended 0.07 percent higher at 27,510 rupees per 10 grams.

* Spot gold prices were steady in early trade, near a 6-week high, as firm Tokyo futures and a pick up in demand in India helped it defy pressure from the euro.

* The rupee, which rose in early trade on Tuesday to hit a 10-week high, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

COPPER

Copper futures are likely to open down, paring gains of the previous session, following a decline in overseas markets and firmness in the rupee, analysts said.

* The most-active copper for February delivery on the MCX ended 0.72 percent higher at 421.15 rupees per kg.

* London copper futures edged lower on Tuesday in Asia where a firmer dollar and limited trading interest restrained the metal from stretching a rally in the previous session spurred by hopes of brisk Chinese demand.

(Reporting by Deepak Sharma; Editing by Subhadip Sircar)

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