MCX Copper settled at Rs 1,373.80 per kilogram on August 18, 2026, declining 0.68% after staging a robust 1.13% surge on the previous trading session. The contract opened at Rs 1,380, touched an intraday high of Rs 1,384.45, and a low of Rs 1,370 before settling at the current level, according to analysis from Univest Research. Research Analysts at Univest, Ankit Jaiswal and Kunal Singla, characterize the current price action as a normal profit-taking correction following the previous day's exceptional rally.
Jaiswal identifies critical support levels at Rs 1,368 to Rs 1,370, near today's low, noting that a hold above Rs 1,368 would suggest the correction remains healthy rather than signalling a broader reversal. A breach below Rs 1,368 could target Rs 1,355 as the next significant support level. Resistance remains positioned at Rs 1,384.45, representing today's high and the first hurdle for any recovery attempt.
A break above this resistance level would target Rs 1,400 as the subsequent upside objective, according to the technical outlook presented by the analysts. Singla observes that the Relative Strength Index has corrected from overbought conditions above 65 on August 17 to neutral readings of 52 to 55 on August 18. This normalisation is interpreted as a positive development, removing stretched technical conditions and creating a healthier base for potential upside continuation.
The underlying demand drivers supporting copper, including India's infrastructure development and China's construction sector activity, remain intact according to the analysis. International support for MCX Copper is anchored by LME copper prices above USD 9,500 per tonne. The sentiment surrounding copper remains corrective but not bearish, with the pullback presenting potential dip-buying opportunities near the Rs 1,368 support level if that level is maintained during the August 19 trading session.
Copper-linked equities are also experiencing profit-taking pressure. Hindustan Copper trades near Rs 560 with support at Rs 545, while Hindalco and Tata Steel have both declined approximately 0.60%, with specific key levels identified for monitoring on August 19. Source: Univest Research, analysis published August 18, 2026 by Research Analysts Ankit Jaiswal and Kunal Singla (SEBI Registration Number INH000013776).
Source: univest.in