COFFEE traded at $153.72, 0.12% up since previous close. An upward momentum can be seen in Coffee prices on Friday as USD trades sideways ahead of the U.S Powell speech at Jackson Hole Symposium beginning from today. Earlier, the weak global sentiments amid Chinese PBoC’s dissatisfying move of cutting down key rates lower than expectation led to selling bias in major commodities. However, the change in weather conditions in Brazil affecting the output & supplies level makes the prices more volatile; since Brazil is a major producer of coffee beans. As seen in the chart, the Coffee seems to be sustaining the previous lows which acts as major support level & hence, buying may be initiated in the commodity if it reverses from current level.

Natural Gas is trading at $2.625, 0.11% up since previous day close. An upside can be seen in Natural Gas prices post release of U.S Energy Information Administration (EIA) report which showed a lesser build-up in Natural gas inventory levels by 18B against the expected rise of 36B. This signals for lower storage & supplies of the commodity & hence, made the prices to trade at higher levels. The frequent change in weather conditions in U.S & European regions affects the consumption demand of heating fuels & makes the commodity impulsive.   As seen in the chart, the Natural Gas took a support of long-term MA (100) which acts as a major support level & hence, buying on corrective dips may be recommended for the day.