Copper pipes of different diameter cut. 3d render.
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Axe_Olga
Copper futures has been rallying for a month now. Although there has been some moderation in price since the beginning of this week, the broader trend remains positive.The July contract is now trading at ₹1,310/kg whereas the August futures is currently at ₹1,322/kg. Since the July series is nearing expiry i.e., on July 31 (Friday), we shall consider the August contract for analysis.The August futures started to rally on the back of ₹1,260 a month ago. After marking a high of ₹1,360.65 on July 23, the price has now moderated to ₹1,322.Nevertheless, the uptrend remains valid and the contract is now hovering around the 21-day moving average. We expect it to resume the rally soon and touch ₹1,400 in the near-term.However, if August futures declines from the current level, it can find support at ₹1,300. A breach of ₹1,300 can turn the outlook weak. Until then, the bulls will have an upper hand. Notable support below ₹1,300 is at ₹1,275.Trade strategyLast week, we suggested buying copper futures (Jul) at ₹1,330. Exit this trade and initiate a fresh long position on August futures now at ₹1,322. Place stop-loss at ₹1,300.When the contract moves up to ₹1,365, revise the stop-loss to ₹1,345. Book profits at ₹1,395.Published on July 29, 2026
