Copper futures were largely kept flat last week. On Monday, it closed to ₹ 855.35/kg. Therefore, the contract is still stuck between ₹ 835 and ₹ 862.
That said, the weekly table shows that copper futures have faced some sale pressure of a bet of some ₹ 855 and ₹ 862. Therefore, a prolonged consolidation near the thesis levels could lead to bears to gain more strength.
If there is a decrease in the current level, copper futures can find support in ₹ 835 and ₹ 820. A trend line coincides in the latter, which makes it a solid base. If this level is breached, the contract may fall to ₹ 790 and ₹ 770, possible support levels.
However, if copper futures are handled from the current level and exceeds ₹ 862, there is another resistance to ₹ 872. Only a decisive breakdown of ₹ 872 can convert the upward trend. In such a scenario, copper futures can increase to ₹ 910 and ₹ 930, possible resistance points.
But as mentioned earlier, recent candlesticks in the weekly table provide a lower bearish inclination to copper futures.
Commercial strategy
Merchants with high risk appetite can short copper to ₹ 852 with a stop-to ₹ 865. When the contract is immersed to ₹ 835, check the stop-to ₹ 845. The earnings of books to ₹ 825.
Posted on May 20, 2025