India gold seen tad higher; copper down
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 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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
India deployed military helicopters to hunt down tribal militants in Assam on Thursday after rebels killed 75 people this week, the deadliest in the remote area in years. Full Article