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
Nitin Gadkari, former president of the Bharatiya Janata Party and a member of the BJP’s manifesto committee, speaks to Reuters. Here are the edited excerpts. Full Article
Turning smog into jewels - a Dutch designer's solution to Beijing's pollution. Video