Wednesday, November 4, 2009

India gold may extend losses; copper flat

MUMBAI, Nov 5 (Reuters) - India's gold futures may extend losses on Thursday profit-taking after hitting a record high in the previous session, analysts said.

The benchmark December gold MAUZ9 on the Multi Commodity Exchange (MCX) closed 0.2 percent lower at 16,588 rupees per 10 grams, after hitting a record high of 16,677 rupees.

December gold is likely to open at 16,580 rupees per 10 grams, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.

"There could be profit-taking in gold, and further directions could come in from (U.S.) data due later. Support would be seen at 16,480 rupees," said Prasad.

Gold may trade in the range of 16,530-16,750 rupees, said Murukesh Kumar, senior analyst with JRG Wealth Management.

COPPER:

India's copper futures may open flat as support from a weak rupee is likely to be offset by rising inventory in the London Metal Exchange, analysts said.

The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 0.3 percent higher at 309.45 rupees per kg in the previous session.

November copper may open at 308.50 rupees, said Abhishek Chauhan, technical analyst, Angel Commodities.

"Copper would trade sideways and seek for direction from the U.S. data," said Chauhan.

Copper may trade in the range of 304-315 rupees, said Kunal Shah, an analyst with Nirmal Bang Commodities.

Copper stocks in the warehouses monitored by the London Metal Exchange rose 250 tonnes to 374,050 tonnes on Wednesday. [0#LME-STOCKS]

The Indian rupee eased in early trade tracking lower regional sharemarkets, which could prompt foreign investors to repatriate funds from local stocks. [INR/]

A weak rupee makes the dollar-quoted asset expensive.

Investors are eyeing monthly U.S. employment data due Friday. [ID:nN30432695]

November zinc contract MZIX9 closed 1.1 percent higher at 104.05 rupees per kg, while lead for November delivery MLDX9 ended 2.4 percent higher at 109.80 rupees per kg in the previous session. (Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)

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Source: in.reuters.com

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