COFFEE is trading at $184.35, 0.02% down since previous close. The slight profit booking can be seen in Coffee prices & seems to be trading in a tight range against the steady US Dollar Index as market waits for the result of U.S CPI data which is to be issued on Wednesday; for this may widely affect the Brazilian Real (BRL) currency & Coffee prices as well. The weaker USD fetches higher profits to Brazilian Real (BRL) farmers while exporting the beans to U.S. The risk of lesser supplies from Colombia due to changing climatic conditions made the Coffee expensive; for Colombia is the world’s second largest bean producer. Buying on dips may be recommended for the day in Coffee since the commodity is trading within the bullish channel pattern.

COPPER is trading at $8566.3, 0.12% up since previous close. The Copper prices seems to be trading on slightly higher side since last session against the steady USD ahead of the result of U.S CPI data which is to be released on Wednesday. The gains can be extended in copper today as well amid better release of Chinese Trade Balance data; for China is a major consumer of metals. Globally, the FOMC hiked an interest rate by 25bps as expected; however, hinted for pause in the monetary tightening decisions in the next meeting. As seen in the chart, the Copper slid down to previous lows which acts as a major support level & hence, the reversal may be noticed further. Buying on dips may be seen for the day in copper & breakout can be seen if breached MA (10) & MA (20).