Copper futures (₹1,370/kg), over the last two weeks, has been charting a sideways trend. That said, the broader uptrend is still intact and there is a chance for the contract to resume the rally again.
The August futures has been oscillating between ₹1,365 and ₹1,400 since August 5. While there has been a drop in price in the last two sessions, the contract is now near the bottom of the range of ₹1,365-1,400.
So, we expect copper futures to resume the rally on the back of the support at ₹1,365 where the 21-day moving average coincides. This can lead to copper futures rising past ₹1,400 and extend the rally to ₹1,430.
On the other hand, if the support at ₹1,365 is breached, the near-term outlook can turn bearish. In this case, copper futures can decline to ₹1,350 and the subsequently to ₹1,325.
Nevertheless, the broader inclination is bullish and the likelihood of a rally is high.
Trade strategy
Last week, we suggested shorting copper futures at ₹1,385 for a target of ₹1,350. Since the contract is now near a support, traders can exit the trade now at ₹1,370.
Then, traders can initiate fresh longs now at ₹1,370 with a stop-loss at ₹1,325. Exit at ₹1,430.
Published on August 19, 2026
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