COFFEE is trading at $170.75, 0.09% down since previous close. The mixed trading can be seen in Coffee prices since last two sessions amid global cues. The steady USD as tension over U.S banking crisis eases down amid take-over news of SVB bank by its peer U.S First Citizen Bank spurred in the market; led slight selling pressure in Brazilian Real (BRL) currency vis-à-vis weakened the Coffee prices. The changing weather conditions in Brazil will remain vital for prices since Brazil is a major producer of beans & may affect the supplies & exports of the Coffee. As seen in the chart, the Coffee crossed down the Fibo level 38.2 & is hovering near Fibo level 50.0 & also, trading near Fibo level 50.0. This indicates the chances of breakdown or reversal momentum for the day.

COPPER is trading at $8915.3, 0.01% down since previous close. The slight profit-booking can be seen in copper prices amid mixed global cues. However, the better-than-expected Chinese PMI figures might turn out to be positive for Copper since China is a major consumer of metals. On global front, the U.S First Citizen Bank might take over the SVB bank which boosted up the market sentiments. Last week, the Fed’s less hawkish stance of raising an interest rate by 25bps leading to 5.00% to 4.75% range as expected led the buying pressure in base metals & softened USD since both of them are inversely correlated. As seen in the chart, the Copper is firmly trading above the Fibo level 23.6 indicating the buying bias on lower levels for the day.