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

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage