Copper futures consolidate above key support near ₹1,330-1,335
Executive Brief • Key Highlights
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- ✓Copper futures are staying flat at ₹1,346 per kg, consolidating just above a key support level of ₹1,330-1,335.
- ✓This trend shows the recent downtrend might slow down.
- ✓Experts suggest staying out of the market until the price breaks out of the ₹1,330-1,360 band.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Line
- Reading Speed
- 1 Minute(s)
- Market Focus
- India Economy
Copper futures (₹1,346/kg), over the past few sessions, have been staying flat. The chart shows that the consolidation is happening just above a support level, a notable development.
The November futures have been oscillating between ₹1,334 and ₹1,354 recently. Note that copper futures have an important support between ₹1,330 and ₹1,335. The 50 per cent Fibonacci retracement level of the previous uptrend coincides at this band, making it an important base.
While this does not mean a bullish reversal is coming, it certainly shows that the downtrend is likely to slow down.
In case November futures rise above ₹1,360, it will add strength to the bulls, potentially leading to a rally to ₹1,375 and subsequently to ₹1,400.
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