Copper prices have surged last week. The Coppe Futures contract traded on the Multi-Commodity Exchange was up 3.6 per cent last week. Indeed, the contract surged over 6 per cent intraweek to touch a high of ₹963.45 per kg. It is currently trading at ₹946 per kg.
The sharp rise in price was triggered after a deadly accident reported by Freeport-McMoRan, a leading copper producer. The fear of a supply disruption following this incident drove the copper price higher.
Outlook
The sharp rise last week has taken the MCX Copper Futures contract well above a key resistance level of ₹930. This level of ₹930 will now act as a good resistance-turned-support, limiting the downside.
The MCX Copper Futures contract can rise to test ₹985, a significant resistance level. Failure to breach ₹985 can drag the price down to ₹930. As such, the price action thereafter will require close monitoring.
If the contract breaches ₹985, it can boost the bullish momentum. Such a break will clear the way for a fresh rally to ₹1,120-1,140 going forward. However, a strong positive trigger is needed to breach the resistance at ₹985.
Trade Strategy
Traders can go long now at ₹946. Accumulate on dips at ₹935. Keep the stop-loss at ₹918. Trail the stop-loss up to ₹955 as soon as the contract goes up to ₹963. Revise the stop-loss to further up to ₹965 and ₹973 when the price reaches ₹970 and ₹978, respectively. Exit the longs at ₹983.
Published on September 29, 2025