SOYBEAN traded at $1373.03, 0.06% down since previous day close. The slight selling pressure can be seen in Soybean prices against the strong USD on account of more hawkish U.S Fed Minutes released last week. Earlier, the prices traded on higher side amid rise in demand against the steady supplies from major Soybean producing countries. The change in weather conditions in Argentina which turned unfavorable for Soybean production decreases the supplies; for Argentina is a major producer of beans. As seen in the chart, the commodity seems to be forming cluster support; still trading below MA (100). Wait & watch strategy may be recommended for the day in Soybean.

COPPER traded at $8231 .3, 0.01% down since previous close. The tight range can be seen in copper prices since amid mixed global cues. Today, the Chinese PBoC cut-down its key rates lower than expectations which signaled for slow-down in economic conditions & this may limit down the consumption demand of copper since China is a major consumer of base metals. Last week, the strong USD as Fed Minutes hinted more hawkish approach towards future monetary policy turned out to be negative for base metals. Ongoing stimulus talks in China will remain significant for copper prices. The cautious trading may be recommended on an intraday basis in copper since the commodity is expected to take a support of previous lows at $8100 levels.