COFFEE traded at $182.48, 0.09% down since previous close. The Coffee prices retraced down from $195 levels in the previous session which can be termed as profit booking phase. Also, the mixed USD ahead of the U.S FOMC meet which is to be out today slightly subdued the Brazilian Real (BRL) currency & hence, turned out to be slightly negative for Coffee prices. Last week, the Coffee prices rallied amid change in climatic conditions in Brazil turning unfavorable for Coffee production & supplies since Brazil is a major producer of beans. As seen in the chart, the Coffee is now trading between the long-term MA (200) & MA (100) which acted as a significant level & hence, the cautious trading may be recommended for the day in Coffee.

COPPER traded at $8416 .3, 0.11% up since previous close. The Copper rallied on Wednesday after Chinese PBoC cuts down its short-term lending interest rate for the first time in 10 years which may revive the consumption demand of copper; since China is a major consumer of metals. Also, the soft USD amid lower CPI rate change turned out to be positive for commodities. Last week, the progressive closure of U.S debt ceiling deal & better than expected Caixin Manufacturing PMI figure since China is a major consumer of base metals led buying pressure in copper & other base metals. As seen in the chart, the Copper is firmly trading within the Moving Averages & if breaches MA (200), a strong breakout can be observed. Slight buying bias may be recommended for the day in copper.