COFFEE traded at $153.02, 0.02% up since previous close. The sideways trading can be seen in Coffee prices since last two sessions after showing a mild recovery earlier in this week. The mixed USD amid uncertain Fed monetary outlook & rising U.S-China trade woes may weigh down the agri-commodities; for this may affect the Brazilian Real (BRL) currency vis-à-vis Coffee prices. The change in weather conditions in Brazil affecting the output & supplies level makes the prices more volatile; since Brazil is a major producer of coffee beans. As seen in the chart, the Coffee seems to be sustaining the support of double bottom which forms a make-or-break point. A reversal can be seen if sustained otherwise a breakdown can be recommended if breached.
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Near Day |
R3 | 160.72 |
R2 | 156.82 |
R1 | 154.82 |
Turnaround | 152.92 |
S1 | 151.02 |
S2 | 149.02 |
S3 | 145.12 |
COPPER traded at $8354 .3, 0.16% down since previous close. The Copper prices retreated on lower side on Thursday amid rising tension between U.S & China after the former imposed export curbs on Chinese tech companies; for China is a major consumer of base metals. Besides this, the China & Europe showed weaker economic figures which might lower down the consumption demand of copper & hence, dragged down the prices. Globally, uncertain FOMC monetary outlook in its upcoming meeting may remain vital for base metals since they are inversely corelated with USD. As seen in the chart, the Copper slid down after testing the resistance level of MA (200) & crossed down the short-term Moving Averages as well. Slight selling bias may be recommended for the day in copper.
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Near Day |
R3 | 8596 |
R2 | 8487 |
R1 | 8415 |
Turnaround | 8378 |
S1 | 8306 |
S2 | 8269 |
S3 | 8160 |
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