Copper futures (₹1,340/kg), after hitting a four-month high of ₹1,414 on May 13, has seen a drop in price. However, the chart shows that the broader uptrend is intact and we are likely to see a rebound.The May contract, despite declining, continues to trade above the 21-day moving average, which is now at ₹1,318. There is another support below this at ₹1,300, thus making the price range of ₹1,300-1,318 a good base.We expect the contract to resume the rally, either from the current market price of ₹1,340 or after extending the dip to the above mentioned support band.Once the uptrend resumes, copper futures can retest the prior high of ₹1,414. A breakout of this can open the door for a rally to ₹1,520.On the other hand, if copper futures breaches the support at ₹1,300, the downtrend can extend to ₹1,270 and then possibly to ₹1,255. That said, overall, the bulls are in control still and until the support at ₹1,300 holds, traders are suggested not to consider short positions. Whereas participants can use the dip to create fresh longs. Trade strategyBuy copper futures (May) now at ₹1,340. Target and stop-loss can be ₹1,410 and ₹1,300 respectively.Published on May 20, 2026