Indian gold futures likely to open steady, copper down on Wednesday

Indian gold futures are likely to open steady on Wednesday as a fall in the overseas markets is seen offsetting a drop in rupee, which lifts landed cost of imported gold, analysts said.

- The most-active gold for February delivery on theMulti Commodity Exchange (MCX) ended 0.46 percent lower at 27,651 rupees per 10 grams on Tuesday.

- The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal and copper. The Indian rupee fell early on Wednesday dragged by dollar demand from oil importers.

- International spot gold edged lower on Wednesday, tracking falls in industrial metals and equities, as concerns about global economic growth weighed on market sentiment amid thin year-end trading volumes.

COPPER

Copper futures are likely to ease tracking the weak London market, though a weak rupee is seen limiting the downside, analysts said.

- The most-active copper for February delivery on the MCX closed 0.97 percent lower at 403.2 rupees per kg in the previous session.

- London copper dropped on Wednesday, snapping four days of gains, on concern demand for the metal used in pipes and electrical wires will wane after a report showed weak house prices in the United States, the world’s largest economy. – Reuters

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Posted by admin on Dec 28 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry