Copper prices have been consolidating over the last three weeks. The Copper Futures contract traded on the Multi Commodity Exchange (MCX) has been oscillating between ₹1,255 and ₹1,305 per kg. Within the range, the price has been moving up over the last couple of days. The contract is currently trading at ₹1,300 per kg.

Outlook

The near-term outlook is positive. The recent rise seems to be having strength.  A rise to ₹1,320 looks likely in the coming days. The price action thereafter will need a close watch.

Failure to breach ₹1,320 and a reversal thereafter can drag the MCX Copper Futures contract down to ₹1,290-₹1,280 again.

On the other hand, if the contract manages to breach ₹1,320 decisively, it can gain momentum. Such a break can then take the MCX Copper Futures contract up to ₹1,360 and even higher going forward.

The overall trend is up. The recent sideways move is just a consolidation within that. As such, we see high chances for the contract to break ₹1,320 and resume the broader uptrend.

Trade Strategy

Traders can go long now at ₹1,300. Accumulate on dips at ₹1,285. Keep the stop-loss at ₹1,270. Trail the stop-loss up to ₹1,308 as soon as the contract goes up to ₹1,318. Revise the stop-loss higher to ₹1,315 and ₹1,325 when the contract touches ₹1,325 and ₹1,335 respectively.  Exit the long positions at ₹1,340.

Published on May 6, 2026