Copper Futures Surge on Strong Momentum

Copper futures have been on an uptrend for over a month now, with recent price action indicating further strengthening. The August contract rebounded from support at ₹1,325 and has surpassed resistance at ₹1,360, opening the door for further rally.

The momentum is strong enough to push copper futures beyond the current hurdle at ₹1,375, potentially reaching ₹1,400 in the near-term. A breakout of this level could lift prices even higher, possibly to ₹1,430.

However, a decline from the current level and breach of support at ₹1,325 could lead to a deeper decline, possibly to ₹1,300. If that happens, the near-term outlook would turn bearish, with support below ₹1,300 at ₹1,275.