Copper futures are facing renewed downward pressure as technical analysis points to a weak near-term outlook, despite a brief period of price appreciation over the last fortnight.
Traders are advised to maintain short positions, with analysts suggesting that the recent upswing is likely to be fleeting and that prices may decline further.
The July futures contract, currently trading around ₹1,280 per kilogram, has shown signs of recovery but remains within a broader bearish structure.
The recent price action appears to be a corrective bounce rather than a reversal of the prevailing trend, leaving the metal vulnerable to further selling interest.
This technical weakness follows a pronounced downtrend on India’s Multi Commodity Exchange (MCX), where copper futures shed 5.8% throughout June.
The decline was triggered early in the month when prices failed to breach the critical ₹1,400 per kilogram resistance level, signaling a loss of momentum after trading at record levels earlier in the year.