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India copper, gold futures seen opening flat
June, 06th 2008

India's copper futures may open flat on Friday as support from a weak dollar is offset by a strengthening rupee, an analyst said.

Copper prices in London rallied on Friday after the European Central Bank President Jean-Claude Trichet warned of an impending rate rise and sent the dollar spiralling down.

Weak dollar makes dollar-denominated commodities cheaper for holders of other currencies and increases demand.

Copper is, however, expected to fall later in the day due to a bearish sentiment prevailing in the market, an analyst said.

The benchmark June copper MCCM8 on the Multi Commodity Exchange of India (MCX) closed on Thursday at 335.45 rupees. It is seen opening around 336 rupees per kg, one analyst said.

June zinc MZIM8 closed at 84.35 rupees and lead for June delivery MLDM8 ended at 84.15 rupees per kg. GOLD:

India's gold futures are seen opening flat on the Multi Commodity Exchange of India Ltd (MCX) on Friday with a slightly higher overseas markets being offset by a stronger rupee in the local market, an analyst said.

The benchmark August gold MAUQ8 ended on Thursday at 12,173 rupees, down 0.23 percent from the previous session.

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