Copper futures to extend the decline

Copper futures is now trading at ₹1,165 (per kg). The contract has been on a decline since the beginning of the month. Extending the decline, it slipped below the support at ₹1,200 last week. On Tuesday (February 17), it lost nearly 4 per cent and closed below another support at ₹1,180, indicating good downward momentum.

Therefore, the recent price action shows a bearish bias. That said, for the near term, the downswing may not extend much as there is a support ahead at ₹1,135, the 50 per cent Fibonacci retracement of the prior uptrend. Subsequent support is at ₹1,080.

Overall, we expect copper futures to inch up to ₹1,175-1,180 price band and then see another leg of fall to ₹1,135. This opens up a short-term trading opportunity for traders. Below is our recommendation.  

Trade strategy

Short copper futures at ₹1,170. Place stop-loss at ₹1,185. When the contract slips to ₹1,150, tighten the stop-loss to ₹1,170. Book profits at ₹1,135.

Published on February 18, 2026