While the contract saw some uptick towards the end of the last week, the bulls were blocked by the 21-day moving average resistance at ₹1,230. Notably, the price band of ₹1,230-1,250 is a resistance. Therefore, only a clear breakout of ₹1,250 can shift the trend upwards.
Going ahead, on the back of the above-mentioned resistance, copper futures is likely to see a decline. Although ₹1,172 is a minor support, given the current bearish bias, the contract can drop below this. Notable support below ₹1,172 can be spotted at ₹1,150.
On the other hand, in case copper futures rallies past the hurdle at ₹1,250, it can extend the upswing to ₹1,300. Resistance above ₹1,300 is at ₹1,350. However, overall, the price action shows a bearish bias and traders can remain on the short side of the trade.
Trade strategy
Retain the short copper futures (March) that we recommended to initiate at ₹1,230. Maintain the stop-loss at ₹1,260. When the contract slips to ₹1,170, tighten the stop-loss to ₹1,210. Book profits at ₹1,150.
Published on March 4, 2026