COFFEE is trading at $177.28, 0.19% down since previous close. The downward momentum can be seen in Coffee prices amid rising supplies against the slowdown in consumption demand. Also, the change in climatic conditions in Brazil turning favorable for Coffee production subdued its prices since Brazil is a major producer of beans. Besides this, the steady USD after U.S President Joe Biden & House Speaker Kevin McCarthy agreed to sign a tentative deal to raise the debt ceiling limit until January 2025 as the deadline of U.S default is approaching weakened the Brazilian Real (BRL) currency & Coffee prices as well. As seen in the chart, the Coffee slid down till MA (100) which acts as major support level & hence, slight selling zone may be recommended.

COPPER traded at $8077 .3, 0.02% up since previous close. The mixed trading can be seen in copper prices on Wednesday as China revealed weaker PMI figures which indicates slowdown in manufacturing activities; for China is a major consumer of base metals. Also, the trade & political relations between U.S & China worsened after China declined a request for a meeting between U.S & Chinese Defence Ministers which is to be held at Singapore later this week which weakened the copper prices. Uncertain FOMC monetary decision & U.S debt ceiling deal will remain vital for commodities. As seen in the chart, the Copper is trading near previous lows which acts as a major support level & can turn out to be make-or-break point on short term basis.