The trend is down for the MCX Copper contract since mid-May this year.
| Photo Credit:
istock.com
Copper prices have recovered well in the past three weeks. The MCX Copper Futures contract fell to a low of ₹1,240 per kg in June. From there the contract has risen back well. It is currently trading at ₹1,317 per kg.OutlookThe trend is down for the MCX Copper contract since mid-May this year. For now, it looks like the recent bounce is just a corrective rise within the downtrend. Immediate resistance is at ₹1,320 and above the ₹1,340 is the next important resistance.A strong break above ₹1,340 can take it higher to ₹1,370. That can give some breather. However, to turn the outlook convincingly bullish, the MCX Copper Futures contract has to breach ₹1,370 decisively. Only then the upside will open up for a rise to ₹1,420 and higher.In case the contract turns down from ₹1,340, a fall to ₹1,300-₹1,270 is possible. That will also keep the contract under pressure to see ₹1,200 on the downside.Overall, it is a wait and watch situation now. For now, we can allow for a rise to ₹1,340, The price action thereafter will need a close watch.Trade StrategySince it is not clear whether the contract can breach its resistance or not, we suggest traders to stay out of the market.Published on July 15, 2026
