SOYBEAN is trading at $1469.03, 0.09% down since previous day close. The slight profit-booking can be seen in Soybean prices on Tuesday after remaining shut on Monday amid U.S national holiday. The mixed USD ahead of the U.S Fed Chair Powell testifying speech, modest Chinese PLR rate cut & an impending decision over stimulus package offering in China led the selling pressure in global as well as agro-commodities. The weekly USDA report showed a fall in exports & supplies & the frequent changes in weather conditions in Argentina affects the beans plantation & supplies which makes the commodity highly volatile.     Buying bias may be seen on lower side on daily basis in Soybean.

COPPER traded at $8526 .3, 0.01% up since previous close. The Copper trades in a tight range amid mixed sentiments across the globe. On Tuesday, the China’s PBoC cut-down its Prime lending Rate (PLR) by 10bps lower than expected rate cut by 15bps which may affect the demand of Copper since China is a major consumer of base metals. However, the market is looking forward to the stimulus package offering in China & U.S Fed Powell’s testifying speech due on Wednesday. The decline in copper stocks level at London Metal Exchange (LME) remains positive for prices. As seen in the chart, the Copper crossed over MA (200) & hence, a strong breakout can be observed further. Buying on correction may be recommended for the day in copper.