Copper prices have recovered well in the last two weeks. The copper futures contract in the exchange of multiple products (MCX) fell to a minimum of ₹ 789.65 per kg earlier this month and has increased well from there. It is currently quoted at ₹ 852 per kg.
Perspective
The short -term perspective is positive. The Copper MCX futures contract is receiving strong support from the 200-day mobile average (DMA), currently in ₹ 831. The contract can increase to ₹ 865-870 this week. The price action from then on will need nearby surveillance.
The lack of breach of ₹ 870 can trigger a corrective fall to ₹ 850 again. But a strong rest above ₹ 870 will increase the bullish impulse. Such rest can carry the MCX copper contract to ₹ 880 and even ₹ 900 next week.
The contract has to fall below the 200 DMA support to convert negative perspectives. Such rest can drag the lowest MCX copper contract to ₹ 810.
But the price action in the graphics indicates that the Chan are lower so that the contract decreases below the 200 DMA support.
Commercial strategy
Merchants can spend a lot of time in ₹ 852. Accumulate falls in ₹ 848. Keep the stop -los in ₹ 841 initially. Sire the stop-loss until ₹ 855 as soon as the contract rises to ₹ 859. Move the fougen stop-loss until ₹ 861 when the price touches ₹ 865. It leaves the long positions to ₹ 870.
Posted on April 21, 2025