Coffee traded at $180.98, 0.18% down since previous day close. The Coffee seems to be trading on lower side since last two sessions amid changes in demand side against the lower supplies. However, the long term bullish trend may remain intact in Coffee as USD seems to be weakening on mixed view over upcoming FOMC’s interest rate hike decision. This may result into some sort of support to Brazilian Real (RL) currency & may remain positive for Coffee prices. Last week, the prices rallied to recent high levels of $192 amid adverse climatic conditions in Brazil & Colombia lowered down the Coffee output levels & hence, made the commodity expensive; for Brazil is a major producer of Coffee. Slight selling pressure may be seen for the day in Coffee.

Copper traded at $8917.3, 0.06% down since previous close. The slight profit-booking can be seen in Coffee prices on Thursday after rallying up to $9000 levels earlier in a session. However, the commodity is expected to open on higher side on Friday as China posted better than expected Services PMI figures. Also, the Chinese better Manufacturing PMI figures indicated progressive manufacturing & industrial revival from Covid-19 aftermath & hence, pushed up the Copper prices since China is a major consumer of metals. As seen in the chart, the Copper slid down till Fibo level 38.2 which acts as a major support level & successfully reversed from the same. An upside moving RSI line further indicates bullish momentum & hence, buying on dips may be recommended for the day.