SOYBEAN traded at $1422.03, 0.26% up since previous day close. The soybean witnesses an upward momentum on Wednesday; extending the gains seen earlier. The consistent rise in consumption demand across the globe made the commodity expensive. Other than this, the steady US Dollar as market waits for upcoming Fed meet which is to be concluded on Wednesday; with a hope of 25bps rate hike stance. This makes the global & agri-commodities stronger. The changing climatic conditions in Argentina remains vita for Soybean prices; for Argentina is a major producer of beans. Buying on dips may be suggested for the day & the commodity is expected to test MA (100).

COPPER traded at $8590.3, 0.02% down since previous close. The Copper shows slight profit-booking stance on Wednesday after rallying in the previous session; testing one-month highs. Optimism looms over ongoing Chinese stimulus talks in order to support economic growth which may turn out to be supportive for copper prices; since China is a major consumer of metals. On global front, the steady US Dollar Index as traders & investors wait for U.S FOMC meeting which is to be held this week; with a hope of 25 bps rate hike stance made the commodities stronger. The declining Copper stocks level at (LME) made the commodity expensive. As seen in the chart, the Copper is expected to take a support of MA (10) & hence, buying on lower side may be recommended for the day.