Crime Today News
Copper prices have been consolidating sideways over the last two weeks.  The Copper Futures contract traded on the Multi Commodity Exchange (MCX) has been oscillating between ₹865 and ₹890 per kg for more than two weeks now. Within this range, the contract is currently trading at ₹880 per kg.
Outlook
Broadly the trend has been up since early April this year. However, the rise has been very gradual. The 21-Day Moving Average (DMA) currently at ₹873 has been giving very good support all-through this rise.  Below this, the next support is at ₹865. So, as long as the contract stays above ₹865, there is no danger for the current uptrend.
Resistance is around ₹890. A break above it can take the MCX Copper Futures contract up to ₹910 in the next few weeks.
The outlook will turn negative only if the contract declines below ₹865. If that happens, we can get a fall to ₹855 or even ₹845 going forward.
Trade Strategy
For now, since the contract is range bound, traders can stay out of the market. However, fresh long positions can be taken on a break above ₹890. Keep the stop-loss at ₹882. Trail the stop-loss up to ₹894 as soon as the contract goes up to ₹898. Move the stop-loss further up to ₹899 when the price touches ₹904. Exit the long positions at ₹908.
Published on June 23, 2025
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