The September copper futures rebounded from the support at ₹1,365 last week, where the 21-day moving average coincides.
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Axe_Olga
Copper futures saw a recovery over the last week. The August futures is now trading at ₹1,396/kg and the September contract is now at ₹1,405/kg.The chart of both shows that the uptrend is intact and the likelihood of further rally is high. Note that the August contract is nearing its expiry date of August 31 (Monday). Therefore, we shall consider the September contract for analysis and trades.The September copper futures rebounded from the support at ₹1,365 last week, where the 21-day moving average coincides. Now trading at ₹1,405, it has surpassed the resistance at ₹1,400 on Wednesday.We anticipate another leg of rally from the current level, potentially to ₹1,440. On the other hand, if there is a decline from the current level, the contract can find support at ₹1,380 and ₹1,365.As long as the support at ₹1,365 stays true, the uptrend will remain intact. Notable support below ₹1,365 is at ₹1,350.Trade strategyLast week, we suggested buying August copper futures at ₹1,370 with a stop-loss at ₹1,325. Since this contract is nearing expiry, traders can roll-over the longs to September futures.Exit longs on August futures now at ₹1,395 and buy September contract now at ₹1,405. Target and stop-loss can be ₹1,440 and ₹1,380 respectively.Published on August 26, 2026
