COFFEE is trading at $179.75, 0.08% up since previous close. The Coffee prices resumed its upside; trading sideways & range bound throughout the week amid mild changes in demand & supply ratio. The mixed USD on an account of U.S Treasury Secretary Janet Yellen over measures for deposits in SVB & Signature banks led steady trading in commodities. Besides this, the FOMC’s less hawkish stance as expected & hinting for more gradual rate hikes in future in order to tame down inflation rate may turn out to be supportive for Coffee later on. The changing weather conditions in Brazil will remain vital for prices. Slight buying pressure may be noticed in Coffee on an intraday basis since the commodity consistently takes the support of Fibo level 38.2

COPPER is trading at $8928.3, 0.02% down since previous close. The Copper turned out to be range bound since last session as traders & investors remained worried about ongoing ruction in U.S & European banking sector; which can affect the demand of metals. Last week, the steady USD as U.S Treasury Secretary Janet Yellen stated mixed comments over deposits with banks & Fed’s less hawkish stance of raising an interest rate by 25bps leading to 5.00% to 4.75% range as expected led the buying pressure in base metals since both of them are inversely correlated. As seen in the chart, the Copper reversed up from MA (100) which shows the chances of strong upside if momentum prevails further. Buying on dips may be suggested for the day in Copper.