Thu Sep 19 06:50:37 UTC 2024: ## Copper Futures Remain Sideways on MCX, Key Resistance at ₹816

Copper futures on the Multi Commodity Exchange (MCX) have traded in a sideways range for the past two months, oscillating between ₹775 and ₹816. While the September futures contract closed at ₹808.95 on Wednesday, surpassing both the 20- and 50-day moving averages, it has yet to break through the ₹816 resistance level.

Analysts consider this resistance a significant barrier, coinciding with the 38.2% Fibonacci retracement of the recent downswing. A breach of ₹816 could propel the contract towards ₹850, with a potential further rise to ₹875. Conversely, a fall below the ₹816 resistance may see support at ₹800, with a potential drop to ₹780 if this level breaks.

Traders are advised to maintain a neutral stance for now, initiating long positions only if the ₹816 resistance is overcome. A stop-loss should be placed at ₹795, and adjusted to ₹825 upon reaching ₹840. Profits can be booked at ₹850.

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