Copper Futures Hit Resistance at ₹1,432

Copper futures have been on an upward trend in recent days, with the October contract trading at ₹1,422/kg as of September 23. However, this rally may soon face a barrier, as technical analysis suggests that there is resistance ahead at ₹1,432.

The October series copper futures has rebounded from its support level at ₹1,360 last week, but despite the sharp increase in price above both 21- and 50-day moving averages, it still needs to breach this hurdle for further upside. If it does, the contract could extend its rally to ₹1,480.

However, if copper futures falls off at ₹1,432, it may drop to ₹1,400, where the 21-day moving average lies. Below that level, support is found between ₹1,360 and ₹1,370.