MUMBAI: India copper futures are likely to edge higher, paring the previous session's more-than-1.5-percent loss, following overseas markets, though a strong rupee could limit the upside in prices, analysts said.
The most-active copper for April delivery on the Multi Commodity Exchange (MCX) closed 1.7 percent lower at 427.85 rupees per kg, after an intra-day low of 426.60 rupees.
London copper prices edged higher, but Shanghai futures extended losses after weak import data from the world's top commodity buyer and soft housing data in the United States.
The rupee plays an important role in determining the landed cost of the red metal, which is quoted in dollars.
"The upside in prices may not last due to slowdown in China. Selling could be done at 432, for a target of 424 rupees," said Kunal Shah, assistant vice-president with Nirmal Bang Commodities.
GOLD
India's gold futures are likely to extend gains on Tuesday morning following overseas markets, but a strong rupee is expected to limit the upside, analysts said.
The most-active gold for April delivery on the MCX closed 0.5 percent higher at 20,953 rupees per 10 grams.
Overseas gold prices edged higher, supported by a weak dollar and firm oil prices, as the unrest in the Middle East and North Africa intensified and Japan continued its efforts to control the nuclear crisis.
"There could be more upside seen in gold due to geo-political tensions," said Shah, adding buying could be done at 20,940, for a target of 21,040 rupees.
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