Copper futures: Sideways trend extends

Copper futures have been consolidating over the last one month. The January contract, now at ₹1,275 (per kg), has been largely moving within ₹1,230 and ₹1,242. The February contract, currently at ₹1,324, has been oscillating between ₹1,270 and ₹1,365. Since the January futures is expiring on Friday (January 30), we shall consider the February futures for analysis.

Although the February copper futures is charting a sideways trend now, it retains the overall bull trend. So long as the support levels at ₹1,270 and ₹1,250 hold true, the trend will not turn bearish.

That said, for a fresh leg of uptrend, the resistance at ₹1,365 ought to be breached. In such a case, the contract can rise to ₹1,450 quickly. On the other hand, if the February futures slip below the support at ₹1,250, it can extend the downswing to ₹1,200.

Overall, as it stands, the path of the next price swing remains uncertain.

Trade strategy

Buy copper futures (February) if it breaks out of ₹1,365. Target and stop-loss can be ₹1,450 and ₹1,320 respectively.

Published on January 28, 2026