Copper futures (₹1,335/kg) has been rising since the beginning of this month and has now moved past a hurdle. It has gained a little over 5 per cent so far in July. The likelihood of a further rally is high.

The July futures rebounded on the back of support at ₹1,250 in early July. It extended the rally and its price is now above both the 21- and 50-day moving averages. Also, it has closed above the important level of ₹1,330 on Tuesday. These are positive indications.

Copper futures can extend their gain in the coming sessions. Notable resistance is at ₹1,400. Although ₹1,365 can be a hurdle, it is a minor one and is unlikely to distort the rally to ₹1,400.

However, if the contract falls from the current level of ₹1,335, it can find support at ₹1,330 and ₹1,300. As long as the contract remains above ₹1,300, the bias will be bullish.

Overall, copper futures show a positive inclination. Nevertheless, we cannot rule out the possibility of it seeing a minor decline, possibly to ₹1,320, before the next leg of rally.  

Trade strategy

Go long on copper futures at ₹1,330. Place stop-loss at ₹1,290. When the contract moves up to ₹1,365, revise the stop-loss to ₹1,345. Book profits at ₹1,395.

Published on July 22, 2026