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Copper, gold futures likely to open flat

May, 31st 2008
Copper futures are expected to open flat on Thursday as support from a rebounding crude is offset by soft Chinese demand, an analyst said. Higher crude oil weakens the dollar, making commodities denominated in the US unit cheaper for holders of other currencies. The benchmark June copper on the Multi Commodity Exchange of India (MCX) closed on Wednesday at 347.80 rupees. It is seen opening around 347 rupees per kg, one analyst said. May zinc closed at 90.05 rupees and lead for May delivery ended at 86.35 rupees per kg. GOLD Gold futures on the MCX are seen opening flat on Thursday as overseas markets remained steady amid a stronger dollar and weaker crude oil, analyst said. The benchmark June gold ended on Wednesday at 12,444 rupees, down 0.79 percent from the previous session.