Copper futures has been on a rally since April. It is currently trading at ₹993 (per kg); it began the uptrend on the back of support at ₹790. However, the uptrend lost steam three weeks back and ever since, the contract has largely been moving across a range.
As the October futures is nearing its expiry (October 31), we shall consider the November contract for analysis and trade recommendation.
The November expiry copper futures, currently hovering around ₹1,000, is now stuck between ₹975 and ₹1,020.
In case the contract regains traction and breaks out of ₹1,020, it can rise to ₹1,050 quickly. But if copper futures (Nov) slips below the support at ₹975, it can fall to ₹950, its 50-day moving average.
Overall, even though copper futures is charting a sideways trend, the broader uptrend remains true and there are no strong signs of a bearish reversal. So, traders can consider longs, but only after the breakout of the resistance it faces.
Trade strategy
Buy copper futures (Nov) only if it breaks out of ₹1,020. Target and stop-loss can be ₹1,050 and ₹1,000, respectively.
Published on October 28, 2025
