Copper futures on the Multi Commodity Exchange (MCX) are encountering significant technical resistance at ₹1,320 and ₹1,340 per kilogram, capping a three-week price recovery.
The contract, which had declined to a low of ₹1,240 per kg in mid-May, has struggled to break through these key levels despite recent buying interest.
The immediate price action reflects cautious positioning among traders.
While the metal has staged a modest rebound from its May lows, the broader trend remains bearish according to technical indicators.
The failure to decisively clear the ₹1,340 mark suggests that sellers remain in control at higher valuations, limiting the upside potential for near-term longs.
Market sentiment is currently being shaped by anticipation of upcoming US macroeconomic data.