Copper futures (continuous contract) hit a four-month high of ₹905.90/kg on July 2 before ending the last week at ₹891.90. Despite the fall in price in the last two sessions, the overall bull trend remains intact.
From the current level, copper futures has a support ahead at ₹885, where a trendline coincides. Below this is another notable support at ₹875. As long as these levels hold, the broader bias will be bullish.
We expect copper futures to resume the uptrend and rally to ₹930 in the near-term. However, in case the contract breaches the support at ₹875, the outlook might turn weak. So, the price might decline to ₹862, a support.
But broadly, as it stands, the uptrend is intact and the recent dip in price is just a corrective decline.
Trade strategy
Last week, we suggested buying copper futures (Jul) at ₹892. Retain this trade and consider adding longs if the price moderates further to ₹885. Maintain stop-loss at ₹870. When the contract rises to ₹910, tighten the stop-loss to ₹880. Book profits at ₹930.
Published on July 7, 2025
