India Gold Seen Steady at Near Record; Copper Up

Source: Reuters (11/24/10)

"India gold futures likely to steady near their record high."

India gold futures are likely to steady near their record high on Wednesday morning tracking overseas markets, analysts said.

The most active December gold contract on MCX last closed at Rs 20,512 per 10 grams, up 1.85%, after hitting an intra-day high of Rs 20,549, nearing the record level of Rs 20,569 struck in early November.

International gold held steady as investors closely watched the situation on the Korean peninsula after an exchange of fire on Tuesday, while concerns on Ireland's fiscal health remain.

Analysts said traders would also eye the movement in rupee for direction. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Copper

India copper futures are likely to edge higher in early trade on Wednesday tracking overseas markets, with investors eyeing the movement in rupee for direction, analysts said.

The most active November copper on the Multi-Commodity Exchange (MCX) last closed at Rs 376.50 per kg., down 0.7%.

Three-month London copper was trading 1.44% higher at $8,271/ton at 8:19 a.m., recovering partly after falling for a fourth time in six sessions. The rupee plays an important role in determining the landed cost of the dollar-quoted red metal.

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