COFFEE traded at $148.17, 0.09% down since previous close. The downward momentum continued to be seen in coffee prices since last two sessions against the strong USD as Fed Powell hinted for hawkish stance with one more rate hike in this year followed by two rate hikes in the year 2024; which turned out to be negative for Brazilian Real (BRL) currency vis-à-vis Coffee prices. The changing climatic conditions in Brazil which affects the production & supplies of Coffee beans cushioned the prices last week; for Brazil is a major producer of beans. As seen in the chart, the Coffee seems to be consolidating near the short- & long-term Moving Averages which shows either side breakout. Slight selling bias may be recommended for the day in coffee.

COPPER traded at $8072.3, 0.10% down since previous close. The strong selling pressure can be seen in copper prices & tested $8000 mark today against the strong USD after U.S Fed hinted for hawkish stance with the chances of one more interest rate hike in this year. Ongoing tension between U.S & China may affect the consumption demand of copper since China is a major consumer of base metals. The result of US CB Consumer Confidence data will remain into focus for the day since it will determine the trend in USD & commodities. As seen in the chart, although the copper crossed down the cluster support level with heavy trading volume & hence, selling on rallies may be recommended in copper if downside prevails further for the day.