COFFEE traded at $166.72, 0.32% up since previous close. A strong upside can be seen in Coffee prices despite mixed USD ahead of the U. S NFP data release event due later in this week. The rise in demand against the supplies from major parts of the world led the buying pressure in Coffee prices. Also, the change in climatic conditions in Brazil affecting the Coffee production & supply levels made the commodity expensive. Earlier, the steady US Dollar after Fitch downgrades U.S economy from AAA to AA+ remained vital for Coffee prices since this may affect the profits earned by Brazilian farmers while exporting the beans to U.S. As seen in the chart, the commodity surpasses the Fibo level 23.6 which indicates a buying momentum on an intraday basis.
Read More… Read LessIntra Day | |
Near Day |
R3 | 176.03 |
R2 | 170.89 |
R1 | 168.8 |
Turnaround | 165.7 |
S1 | 163.65 |
S2 | 160.5 |
S3 | 155.433 |
Natural Gas is trading at $2.476, 0.11% down since previous day close. The Natural gas prices witnessed a selling pressure ahead of the result of U.S Energy Information Administration (EIA) report which is to be released today with an expectation of a rise in Natural gas inventory levels by 18B. Last week, report showed a build-up in Natural Gas inventory levels by 16B as against the expectation 12B. This indicates shortage in storage & supplies levels & hence, prices moved up earlier. The change in weather conditions in U.S & European regions; turning normal than colder climate decreases the demand of heating fuels like Natural gas. Upcoming U.S NFP data release event remains significant for the prices. The make-or-break situation can be seen in the commodity on short term basis.
Read More… Read LessIntra Day | |
Near Day |
R3 | 2.75 |
R2 | 2.626 |
R1 | 2.55 |
Turnaround | 2.501 |
S1 | 2.425 |
S2 | 2.376 |
S3 | 2.25 |
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