Copper futures are expected to open slightly up on Thursday, tracking markets in London, an analyst said. Copper futures in London ticked higher as gains in crude oil helped reverse the previous session's losses. Higher oil prices weaken the dollar making commodities denominated in the US unit more expensive.
The benchmark August copper on the Multi Commodity Exchange of India (MCX) closed on Wednesday at Rs 327.15. It may open around Rs 328-328.5 per kg, one analyst said. Crude oil gains will continue to support copper prices during the day, he added. August zinc closed at Rs 75.80 and lead for August delivery ended at Rs 78 per kg.
GOLD: Gold futures are also expected to open higher on the MCX on the back of a jump in crude oil, an analyst said. The benchmark October gold may open around Rs 11,600 per 10 grams from its closing price of Rs 11,569, the analyst said.
Silver futures are also seen higher on the back of gold. September silver is likely to open around Rs 19,730 per kg from its close at Rs 19,672, the analyst said.
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