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Motilal Oswal recommends 'buy' on MCX Copper, set target at ₹915
According to Pathfinder - Copper Resurgence report from Motilal Oswal Wealth Management, MCX Copper has given a breakout above the descending trend line on the daily chart (of 18th June), confirming the resumption of the prevailing bullish trend. Price action continues to display a classic bullish structure, marked by a sequence of higher highs and higher lows. Additionally, the 14-period RSI on the daily chart is holding above the 60 level, suggesting a strengthening bullish momentum. Therefore, Motilal Oswal Wealth Management recommends buying in the range of ₹882 – ₹880, with a stop-loss below ₹855 on a closing basis and upside targets of ₹915.
On the daily chart (of 18th June), LME Copper has been exhibiting a higher high and higher low price formation since May 2025, indicating a well-established bullish trend. 14 - Period RSI is also poised to move upwards and it's holding well above the midpoint mark of 50 signalling market strength. Motilal Oswal Wealth Management recommends buying LME Copper in the current range of $9,725 – $9,715 with a stop loss below $9,420 level on a sustainable basis and with upside targets at $10,080 levels. Track LIVE Stock Market Updates
Navneet Damani, Group Senior VP, Head Commodities Research, Motilal Oswal Wealth Management, said 'Copper prices have been hovering in a broad range between $8900-9800 amidst mixed economic scenario and renewed optimism surrounding easing US-China trade tensions and low LME inventories. Inventory drawdowns and mine disruptions continue to support prices, while weakening Chinese imports and declining premiums may question demand strength. After the tariffs were doubled on steel and aluminium imports into the US to 50 per cent, market participants speculate copper tariffs to be announced soon. The Dollar Index has been continuously weakening, supporting base metal prices on the lower end. President Trump hinted at imposing new unilateral tariffs on trading partners within two weeks, which may be volatile for prices. Prices are expected to see an upside of 4-5 per cent supported by positive catalysts and technical conviction.' ===================================
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