SOYBEAN is trading at $1512.03, 0.13% up since previous day close. The Soybean lifted up its prices on Wednesday after USDA report showed a drop-down in supplies & exports for the week. Globally, the soft USD as U.S issued cooler than expected CPI inflation rate data made the Brazilian Real (BRL) currency stronger as the Brazilian framers may fetch higher profits while exporting the beans to U.S. The change in climatic conditions in Argentina from normal weather affects the Soybean output & supplies & hence, made the commodity expensive again, for Argentina is a major producer of beans. Buying may be recommended for the day in Soybean since the commodity took a strong support of MA (100).

COPPER is trading at $8958.3, 0.18% up since previous close. An upside can be noticed in copper & the momentum may be extended today as well amid soft USD; for metals & USD shares inverse correlation. The U.S CPI inflation data showed cooling down in inflationary pressure which may revive the demand of commodities & hence, moved up the prices. The better-than-expected Chinese CPI & PPI data may turn out to be positive for copper prices since China is a major consumer of metals. However, the growing tension between U.S & China over Taiwan & mixed U.S Fed’s next monetary stance may affect metal prices. As seen in the chart, the Copper is on verge of crossing over the Fibo level 23.6 & hence, buying on lower side may be recommended.