Copper futures has been trading flat for about two weeks now. The April contract has been consolidating between ₹1,255 (per kg) and ₹1,290 whereas the May contract has been oscillating between ₹1,270 and ₹1,305.
Since the April contract is expiring on Thursday (April 30), we shall consider May futures for analysis.
Copper futures (May) saw an upswing in price, from ₹1,100 to 1,305 between final week of March and mid-April, before the ongoing sideways trend. Therefore, broadly, until the support at ₹1,100 holds, the bias will remain positive.
If May futures breaks out of ₹1,305, it can see another leg up, possibly to ₹1,400. On the other hand, if the contract slips below the support at ₹1,100, it could see a decline to the ₹1,230-1,250 support band.
Overall, as it stands, the inclination is bullish.
Trade strategy
Last week, we suggested buying copper futures (April) at an average price of ₹1,267 with a stop-loss at ₹1,220. Since the April contract is about to expire, we recommend rolling over the longs to Amy expiry.
That is, exit April futures now at ₹1,265 and immediately go long on May contract at ₹1,278. Target and stop-loss can be ₹1,385 and ₹1,220 respectively.
Published on April 29, 2026