COFFEE is trading at $189.35, 0.16% up since previous close. The Coffee prices rallied in the previous session; testing the one-month highs of $189.00 amid shortage in supplies from major Coffee producing countries. The changing weather conditions in Brazil turning unfavorable for Coffee beans production affects the supplies across the globe; since Brazil is a major producer of Coffee beans. This widely pushed up the prices. Globally, the market waits for the result of U.S CPI data release event which is due today; for this may affect USD & Brazilian Real (BRL) currency. As seen in the chart, the Coffee successfully surpassed the Fibo level 23.6 & is now, trading near MA (200) which acts as major resistance. Buying on lower side may be recommended for the day.

COPPER is trading at $8824.3, 0.02% up since previous close. The range bound trading can be seen in copper since last two sessions as traders & investors waits for the result of U.S CPI inflation data which is to be released today. Besides this, the better-than-expected Chinese CPI & PPI data may turn out to be positive for copper prices since China is a major consumer of metals. However, the steady USD as U.S issued better than expected NFP figures & may raise the chance of higher rate hikes in near future & the growing tension between U.S & China over Taiwan may affect the consumption demand of metals. As seen in the chart, the Copper is firmly trading within the Fibo levels 23.6 & 38.2 which indicates the chances of either side breakout.