COFFEE traded at $157.02, 0.12% down since previous close. The mixed trading can be seen in Coffee prices in the last week; howsoever, slight selling pressure may be noticed in the commodity on Monday. The strong USD on chances of more hawkish monetary stance in upcoming Fed meeting & rising inflationary pressure in U.S may turn out to be suppressive for Brazilian Real (BRL) currency; since this may affect the profit fetched by Brazilian farmers while exporting the beans to U.S. The change in climatic conditions in Brazil affecting the Coffee production & supply levels; makes the prices volatile. As seen in the chart, the Coffee is trading below MA (10) & MA (20) & near the previous lows & hence, the cautious trading may be recommended further.
Read More… Read LessIntra Day | |
Near Day |
R3 | 163.388 |
R2 | 160.34 |
R1 | 158.7 |
Turnaround | 157.29 |
S1 | 155.65 |
S2 | 154.24 |
S3 | 151.186 |
COPPER traded at $8319 .3, 0.06% down since previous close. The downward momentum can be seen in copper prices as Chinese economic outlook slows down amid weak tech sector & losses in property sector; for China is a major consumer of base metals. Also, the strong USD after U.S issued a change in CPI rate which signaled for a mild progress in controlling the inflationary pressure can make the Fed to approach hawkish rate hike stance. Earlier in a week, the U.S banned technology investments in China which escalated the U.S & China trade tension & hence, weakened the prices. As seen in the chart the Copper is trading near major support level of previous lows & hence, the make-or-break situation can be seen further for the day.
Read More… Read LessIntra Day | |
Near Day |
R3 | 8519 |
R2 | 8406 |
R1 | 8344 |
Turnaround | 8293 |
S1 | 8231 |
S2 | 8180 |
S3 | 8067 |
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