Copper futures hovered near a key support level at ₹1,365 per kg, trading at ₹1,370, as the August contract continued a sideways trend seen over the last two weeks, according to The Hindu BusinessLine's technical analysis published on August 19, 2026. The analysis, authored by Akhil Nallamuthu of the BL Research Bureau, noted that the broader uptrend is still intact and there is a chance for the contract to resume its rally again.
Price Range and Key Levels
Since August 5, the August copper futures contract has been oscillating between ₹1,365 and ₹1,400, the report said. In the last two sessions, the price dropped, bringing the contract to the bottom of this range. The support at ₹1,365 coincides with the 21-day moving average, making it a critical level for the near-term trend, according to the analysis.
| Level | Price (₹/kg) | Significance |
|---|---|---|
| Current price | 1,370 | Trading near the bottom of the range |
| Range resistance | 1,400 | Top of the sideways band |
| Upside target | 1,430 | Rally extension if resistance is broken |
| Range support | 1,365 | Bottom of the range, coinciding with the 21-day moving average |
| Downside target 1 | 1,350 | First decline level if support is breached |
| Downside target 2 | 1,325 | Further bearish extension |
Bullish Scenario Favoured
The analysis expects copper futures to resume the rally on the back of the support at ₹1,365, where the 21-day moving average coincides. This can lead to copper futures rising past ₹1,400 and extending the rally to ₹1,430, the report stated. The broader inclination is bullish and the likelihood of a rally is high, it added.
Bearish Scenario on a Breach
On the other hand, if the support at ₹1,365 is breached, the near-term outlook can turn bearish, according to the report. In this case, copper futures can decline to ₹1,350 and subsequently to ₹1,325, the analysis said.
Trade Strategy and Recommendations
The report also carried a specific trade strategy. Last week, it suggested shorting copper futures at ₹1,385 for a target of ₹1,350. Since the contract is now near a support, traders can exit the trade now at ₹1,370, The Hindu BusinessLine advised.
Then, traders can initiate fresh longs now at ₹1,370 with a stop-loss at ₹1,325, and exit at ₹1,430, the report said. The recommended levels are summarised below:
- Exit existing short: ₹1,370 (entered at ₹1,385, target was ₹1,350)
- Fresh long entry: ₹1,370
- Stop-loss: ₹1,325
- Exit / target: ₹1,430
The technical view suggests that the immediate focus remains on whether the ₹1,365 support holds in the coming sessions. A decisive breach would shift the near-term outlook bearish, while a rebound from this level would open the door for a test of ₹1,400 and beyond, according to the analysis. The report was published on August 19, 2026, and reflects the technical positioning of the August copper futures contract.
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