Copper futures has been gradually dropping since the beginning of this month and is now trading at ₹1,168 (per kg). The outlook remains bearish.

On Wednesday, the March contract slipped below the prior low of ₹1,169.2 made on February 17. This reinforces the bearish position, especially considering that the nearest support from the current level is at ₹1,150.

Therefore, we expect copper futures to soon drop to ₹1,150. A breach of this can open the door for a decline to ₹1,110 where it could meet a strong rising trendline support.

On the other hand, if copper futures recovers from the current level of ₹1,168, it will face resistance between ₹1,180 and ₹1,185. A breakout of the latter can turn the immediate outlook positive. But until then, the bearish outlook will remain.

Trade strategy

We suggested initiating a short position at ₹1,230 a couple of weeks back. Hold on to the trade. But revise the stop-loss from ₹1,260 to ₹1,210 to protect some profits. Book profits at ₹1,150.

Do not initiate fresh shorts now since the risk-reward ratio is unfavourable. 

Published on March 18, 2026