Copper futures (₹1,258/kg) lost 5.8 per cent in June. The decline started early last month on the back of a barrier at ₹1,400.After marking a low of ₹1,240.15 on June 24, the July copper futures has recovered to the current level of ₹1,258. But it lacks momentum to reverse the trend.The chart shows that the contract is struggling to get past ₹1,275, where the 38.2 per cent Fibonacci retracement of the previous upswing lies. This is a resistance for now. If the contract can surpass ₹1,275, it can rise to ₹1,290 and a rally beyond this is unlikely.So, we expect copper futures to resume the downtrend, either from the current level of ₹1,258 or after inching up to ₹1,290. Once the fall resumes, the contract can drop to ₹1,230, the 50 per cent Fibonacci retracement. Support below ₹1,230 is at ₹1,190.Overall, the outlook is weak and we are likely to see another downswing.Trade strategySell copper futures (Jul) if it rises to ₹1,275. Place stop-loss at ₹1,300. When the contract drops to ₹1,245, revise the stop-loss to ₹1,265. Book profits at ₹1,230.Published on July 1, 2026