Reuters reported that India’s copper futures are likely to extend last week’s gains due to a rise in the overseas markets and as the Indian rupee was trading weak.
Copper prices firmed slightly in both London and Shanghai markets while London tin hit a record high for a second consecutive session supported by a weak dollar.
The most active copper for April delivery MCCc1 on India’s Multi Commodity Exchange last closed 0.72% higher at INR 443.15 per kilogram. The partially convertible rupee was trading at 44.15 per dollar in early trades against Friday’s close of 44.07 to 44.08 per dollar.
India’s gold futures are likely to nudge higher on the weak rupee and following gains in the overseas market that hit a record high in early trades but profit-taking may limit the upside.
Analysts said that international gold jumped to a record high for a fifth straight trading day as the euro hit 15 month high against the US dollar while an increase in exchange traded fund holdings to an all time high helped silver to its highest in more than 3 decades. The most active gold for June delivery MAUc1 on the MCX closed 0.32% higher at INR 21,412 per 10 grams in the previous session.