India copper futures set to open flat, gold lower

MUMBAI, March 16 (Reuters) - India copper futures are expected to open little changed on Monday following markets in London, and but may perk up later in the session following regional stocks, analysts said.

At 9:40 a.m. three month London copper was 0.26 percent higher at $3,694.50 a tonne.

Strong equity markets signal an economic recovery, which may lead to more demand for the industrial metal.

"In all, copper should be trading sideways to higher due to strong equity markets," said Vishal Maniyar, an analyst with Karvy Comtrade in Hyderabad.

Copper may trade "on the higher note in between 188-193," said Pranav Mer, an analyst with India Infoline in Mumbai.

The benchmark April contract MCCJ9 on the Multi Commodity Exchange (MCX) ended 0.2 percent lower at 189.35 rupees per kg.

It may open at around 189.2 rupees per kg, and trade in the range of 185-194, said Karvy's Maniyar. March zinc MZIH9 ended at 62.25 rupees per kg, while lead for March MLDH9 closed at 64.15 rupees per kg.

GOLD:

Futures are expected to open lower on global leads and a strong rupee, analysts said.

At 9:39 a.m. Comex gold for April delivery GCJ9 was 0.38 percent lower at $926.6 an ounce.

"The probable range in gold is 15,100-15,350," said Gnanasekar Thiagarajan, director with Commtrendz Research.

Further moves would depend on how the stock markets behave, added Thiagarajan.

The benchmark April gold contract MAUJ9 closed 0.2 percent lower at 15,315 rupees per 10 grams.

It may open at 15,260-15,270 rupees per 10 grams and trade in the range of 15,100-15,450, said Angel's technical analyst Abhishek Chauhan.

Source: http://in.reuters.com/