Copper Futures Consolidate in ₹1,360-₹1,432 Range Ahead of Potential Breakout

Copper futures have been trading in a narrow range for about two months. In August, prices oscillated between ₹1,375 and ₹1,410, while from September onwards, the range expanded to ₹1,360-₹1,432.

According to market analysis, October copper futures can establish a new trend only if it breaks out of this price range. If the contract surpasses ₹1,432, it may rise to ₹1,480, with resistance above ₹1,480 at ₹1,500. Conversely, if it breaches the support level at ₹1,360, prices could fall to ₹1,300.

Despite the sideways movement, copper futures retain a bullish bias as they remain above both the 21- and 50-day moving averages. The trend prior to this consolidation has been upward, and the valid support at ₹1,360 increases the likelihood of a breakout above ₹1,432.