Motilal Oswal Wealth Management recommends buying MCX Copper with an upside target of Rs. 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 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, 14-period RSI on the daily chart is holding above the 60 level, suggesting strengthening bullish momentum. Therefore, Motilal Oswal Wealth Management recommends buying in the range of Rs.882 – Rs.880, with a stop-loss below Rs.855 on a closing basis and upside targets of Rs.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 midpoint mark of 50 signalling market strength. Motilal Oswal Wealth Management recommends to buy LME Copper in current range of $9,725 – $9,715 with stop loss below $9,420 level on sustainable basis and with an upside targets at $10,080 levels.
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%, market participants speculate copper tariffs to be announced soon. 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% supported by positive catalysts and technical conviction.”
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