COFFEE traded at $171.98, 0.21% down since previous close. The Coffee plunged down to $171 levels on Wednesday amid strong USD & soft Brazilian Real (BRL) currency after Fed Powell testifying speech showed hawkish stance over chances on future rate hikes; however, the final conclusion in still impending. Last week, the commodity traded on positive side on an account of change in climatic conditions in Brazil turning unfavorable for Coffee production & supplies led to the rally since Brazil is a major producer of beans. As seen in the chart, the Coffee crossed down the lower trend-line of channel pattern & the ADX line moved below level 25 which indicates indecisive trend. Slight selling bias may be recommended for the day in Coffee.

COPPER traded at $8573 .3, 0.08% up since previous close. An upward momentum can be seen in copper prices amid mixed USD post first session of U.S Fed Powell’s speech held on Wednesday which hinted for hawkish stance over future monetary policy. However, the traders are looking forward to the final outcome of speech today. Earlier in this week, the China’s PBoC cut-down its Prime lending Rate (PLR) by 10bps lower than expected rate cut by 15bps which may affect the demand of Copper since China is a major consumer of base metals. As seen in the chart, the Copper crossed over MA (200) & hence, a strong breakout can be observed further. Buying on correction may be recommended for the day in Copper.