Copper Price Forecast for Next Week (13th - 17th April 2026)
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 1138 | 1150 | 1210.95 | 1232 | 1260 |
Copper futures rose around 4.81% on MCX this week, marking a third consecutive weekly gain, supported by optimism that the US-Iran ceasefire could hold and eventually lead to the reopening of the Strait of Hormuz, improving global trade flows. However, sentiment remains fragile due to continued disruptions in the Strait of Hormuz, which derail the peace process. Fundamentals also present a mixed picture. LME copper inventories have surged to an eight-year high, reflecting weak demand while global refined copper imports fell to 125,350 tons, the lowest since April 2011. Meanwhile, Chinese smelters increased exports sharply, with shipments rising to 172,000 tons, and LME warrants climbing significantly. Chinese manufacturing activity has been expanding for four straight months but the impact on the copper market has been mitigated by high inventory cover.
MCX Copper prices witnessed a positive trading week, surging nearly +5.3% and closed the week at 1210.95, reflecting steady buying momentum and improved market sentiment, above all key daily moving averages, reinforcing the bullish undertone in the broader structure. The 20-50-100-200 DEMA are placed at 1182.13, 1171.93, 1159.57, and 1089.13 respectively. Open Interest remained steady and settled near 9,140 lots, market participation while prices advanced, indicating buyers continue to hold positions and support the ongoing move. Indicator-wise, RSI is positioned near 60.65 with signal around 46.50, showing a strong improvement in momentum and reflecting increasing bullish strength without yet entering overbought territory. Rising RSI along with price sustaining above moving averages signals momentum continuation and improving trend confidence.
Overall, the trend remains moderately bullish, and traders may continue to adopt a buy-on-dips strategy as long as prices sustain above key support averages, with momentum favoring further upside continuation in the near term.
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Prediction given by Technical Research Team - Choice.
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