COFFEE traded at $166.38, 0.08% up since previous close. The Coffee prices inches up in the previous session against the soft USD & strong Brazilian Real (BRL) currency amid global cues. Earlier, the commodity plunged down till $164 amid rise in supplies against the steady demand across the globe. The change in climatic conditions in Brazil turning favorable for Coffee production & supplies dragged down the prices since Brazil is a top producer of beans. Globally, the hawkish BoE rate hike stance & Fed’s hint over smaller interest rate hike in this year made the global commodities weaker. As seen in the chart, the Coffee is trading near the previous lows which acts as major support & hence, the cautious trading may be recommended for the day.

Natural Gas is trading at $2.820, 0.01% down since previous day close. The range bound trading can be seen in Natural gas prices since last two sessions amid mild changes in demand & supply ratio. However, the prices moved on higher side in beginning of the week on account of rise in consumption demand from U.S & European regions on changing weather conditions. Last week, the U.S EIA report showed a build-up of 95B against the expected rise of 89B which failed to create any negative impact on the prices. The commodity reversed upside from $2.00 levels after the major Natural Gas producers are expected to lower down drilling & output levels amid low pricing environment in the year 2023. Buying dip may be recommended for the day in Natural Gas.