Coffee traded at 176.80, 0.05% down since previous day close. The correction can be seen in Coffee prices after rallying up to 3-month highs of $180 levels in the previous session. However, the bullish trend may remain intact in Coffee amid multiple global cues. The Coffee is expected to open on higher note on Thursday as USD softened post FOMC expected move of hiking 25bps interest rate; for USD & Brazilian Real (BRL) currency holds inverse trading correlation. Also, an upside can be seen in Coffee prices as Chinese Lunar New Year holidays ends, reviving the trading liquidity in major agri-commodities. As seen in the chart, the Coffee has entered into bullish zone & hence, buying on each corrective dip may be recommended on short term basis.
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Near Day |
R3 | 195.866 |
R2 | 187.32 |
R1 | 182.03 |
Turnaround | 178.77` |
S1 | 173.48 |
S2 | 170.22 |
S3 | 161.66 |
Soybean is trading at $1528.98, 0.03% up since previous close. The range bound trading can be seen in Soybean prices; however, the buying pressure is expected to gradually build up in agric-commodities against the soft USD. On Wednesday, the U.S FOMC hiked an interest rate by 25bps as expected but hinted for more hikes if required in future. This may turn up bullish for commodities. Also, the weekly USDA report showed a heavy fall in Soybean exports & supplies level & the change in climatic conditions resulting into droughts in Argentina pushed up the prices since Argentina is a major producer of beans. Buying on lower levels may be recommended for the day in Soybean.
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Near Day |
R3 | 1587.23 |
R2 | 1556.05 |
R1 | 1537.96 |
Turnaround | 1524.27 |
S1 | 1506.18 |
S2 | 1492.49 |
S3 | 1460.7 |
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