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India gold seen tad higher; copper down
A salesman displays gold bars inside a jewellery shop in Hyderabad May 6, 2011.
Credit: Reuters/Krishnendu Halder/Files
MUMBAI |
MUMBAI (Reuters) - India gold futures are likely to open a tad higher on Monday following overseas leads and a weaker local currency, analysts said.
* The most-traded gold for April delivery on the Multi Commodity Exchange (MCX) last ended flat at 27,982 rupees per 10 grams.
* Overseas gold rose further on Monday as gains on the Nikkei helped it offset pressure from a firm U.S. dollar.
* The rupee, which fell on Monday morning, plays an important role in determining the landed cost of the dollar-quoted copper and gold.
COPPER
Copper futures are likely to open a tad lower on Monday in step with overseas markets, though a weaker rupee could limit the downside in prices, analysts said.
* The most-active copper for April delivery on the MCX last ended steady at 426.50 rupees per kg.
* London copper edged lower as persistent concerns about sluggish demand in China took the momentum out of a three-day rally.
(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)
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