India gold, copper seen down on stronger rupee
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 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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Housing Development Finance Corp (HDFC), India's top mortgage lender, posted an 11.5 percent gain in quarterly net profit, in line with estimates, aided by higher loan growth. Article
Samsung Elec's smartphone primacy under threat from Apple after weak Q4. Full Article