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Jun 9, 2010
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India gold seen edging up but to stay below record

By
Reuters
Published
Jun 9, 2010

(Reuters) - India gold futures may edge higher on Wednesday 9 June but may trade below the record high struck in the previous session tracking overseas leads, while a stronger rupee may limit the upside, analysts said.



The most-active August gold contract on MCX last closed at 18,991 rupees per 10 grams, up 0.2 percent, after hitting an all-time high of 19,198 rupees.

The contract may open at 19,000 rupees, said Murukesh Kumar, a senior analyst with JRG Wealth Management.

"Major support is seen at 18,920, where buying is expected, It can go maximum upto 19,120 rupees today," said Kumar.

International gold firmed, hovering within sight of a record above $1,250 an ounce struck the previous day, with dealers saying the metal was likely to consolidate before any charge higher.

A strong rupee makes the dollar-quoted asset cheaper.

Buying could be done at 18,850, targeting 18,960, stop loss of 18,790, said Aurobinda Prasad, head of research, Karvy Comtrade.

COPPER:

India copper futures may edge higher on Wednesday (9 June) morning tracking firm overseas leads, but a stronger rupee may keep a lid on gains, analysts said.

The most-active June copper on the Multi Commodity Exchange (MCX) last closed at 287.35 rupees per kg, down 0.3 percent.

The contract may open at 289 rupees, said Karvy's Prasad.

London copper rose about half a percent, extending modest gains from the previous session, but trading is expected to remain volatile as Europe's debt woes continue to cloud the outlook for the global economy.

Buy copper above 290, targeting 296, maintaining a stop loss of 287 rupees, said Prasad.

Copper may trade in the range 284-292 rupees, said JRG's Kumar.

(Reporting by Siddesh Mayenkar; editing by Harish Nambiar)

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