India copper futures may open lower, gold up
MUMBAI, July 3 (Reuters) - India's copper futures may edge lower in opening deals on Friday as weaker-than-expected U.S. jobs data raised concerns about the economic and demand outlook, analysts said.
The most-traded August contract MCCQ9 on the Multi Commodity Exchange of India (MCX) ended 0.54 percent lower at 245.50 rupees in the previous session.
MCX August copper may open at 244.50 rupees per kg, said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
The U.S. lost more jobs in June than expected, while the unemployment rate hit 9.5 percent, the highest in nearly 26 years, dimming hopes for a rapid economic recovery. [nN02549309]
"The outlook is weak as demand concerns are resurfacing again," said Shah. "We expect copper to target 240/238 in the trading session."
The red metal may trade in the range of 242-248 rupees, said Abhishek Chauhan, an analyst with Angel Commodities in Mumbai.
July zinc MZIN9 ended at 75.30 rupees per kg, while lead for July delivery MLDN9 ended at 81.55 rupees per kg in the previous session.
GOLD:
India's gold futures may open slightly higher tracking gains in international markets, analysts said. Continued...
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