MCX Copper Soars 3% as Fresh Growth Trend Emerges

Copper prices have risen sharply in recent times, with the Multi Commodity Exchange (MCX) Copper Futures Contract gaining over 3% in the past week. Currently trading at ₹1,413 per kg, this upward momentum suggests that the consolidation seen throughout August has come to an end.

The outlook is bullish, indicating a fresh leg of growth after months of stabilization. The support zone lies between ₹1,380-₹1,360, with the 21-Day Moving Average also situated within this range. This makes it a strong area of support for traders.

Near-term resistance can be seen at ₹1,435, which may be tested in the coming days. A decisive break above this level could propel prices higher to ₹1,490-₹1,500 in the short term.