Copper futures (₹1,280/kg) has seen some appreciation for nearly two weeks now. But the overall picture appears bearish and the recent upswing is likely to be temporary.The July futures started a recovery on the back of support at ₹1,240. Now trading at ₹1,280, the contract faces a strong barrier at ₹1,300, where the 21-day moving average coincides.Since the broader trend is weak, we expect copper futures to resume the decline anywhere within the ₹1,280-1,300 price region. Once the downtrend restarts, copper futures can decline to ₹1,230.However, if the contract breaks out of ₹1,300, the outlook can turn positive. In this scenario, the price can rise to ₹1,340. A breakout of ₹1,340 can lift the contract to ₹1,365.Overall, as it stands, the outlook remains weak and copper futures can witness another leg of a fall. Trade strategyLast week, we recommended selling copper futures (Jul) if the price rises to ₹1,275. Participants who initiated this trade can retain it. But slightly modify the stop-loss from ₹1,300 to ₹1,310. When the contract drops to ₹1,245, revise the stop-loss to ₹1,265. Book profits at ₹1,230.Published on July 8, 2026