Copper Futures Consolidate as Price Hovers Above ₹1,432

Copper futures have been trading in a range of ₹1,360-₹1,432 for about two months now. In August, the price oscillated within ₹1,375 and ₹1,410, but since September began, the range has expanded to ₹1,360-₹1,432.

The prevailing price action suggests that October futures can establish a new trend only if it moves out of this current range. A breakout above ₹1,432 could lead to a move up to ₹1,480, with resistance above ₹1,480 at ₹1,500.

On the other hand, if copper futures breach the support at ₹1,360, it could fall to ₹1,300. However, the contract retains some bullish bias as the price remains above both the 21- and 50-day moving averages.