Copper futures has been on a decline since early June. The June contract is now trading at ₹1,274 (per kg) and the July series is currently at ₹1,294. Since the former is set to expire on June 30, we will consider July futures for analysis.

The July contract breached the support at ₹1,325 on Tuesday, showing that the downward momentum is strong. The prevailing price action hints at a further decline from the current level. 

That said, we might see a corrective rally from the current market price to the ₹1,325-1,330 price region. After this move, we expect the contract to resume the decline and fall to ₹1,260. The downtrend might extend to ₹1,230.

On the other hand, if copper futures surpasses ₹1,330, it can move up further to ₹1,350, where both the 21- and 50-day moving average currently lie. A rally beyond ₹1,350 is unlikely.

However, as it stands, the likelihood for a decline from the current level is high and so, traders can prefer short positions. 

Trade strategy

Sell copper futures (Jul) if it rises to ₹1,325. Place stop-loss at ₹1,350. When the contract drops to ₹1,290, revise the stop-loss to ₹1,320. Book profits at ₹1,260.

Published on June 24, 2026