Soybean is trading at $1519.98, 0.02% down since previous close. The slight downside can be seen in Soybean as thin liquidity can be seen on account of multiple global events. Earlier, the steady USD post Fed Chair Powell speech with a dovish hint in the future meetings may turn up buying factor for global commodities later on. Last week, the USDA report showed a heavy fall in Soybean exports & supplies level while the focus will be on this week’s reading. The change in climatic conditions resulting into droughts in Argentina pushed up the prices since Argentina is a top producer of beans. Buying on dips may be recommended in Soybean since the commodity is consistently taking the strong support of MA (10) & MA (20).

Copper traded at $8930.3, 0.13% up since previous close. The mild recovery can be seen in Copper prices on Tuesday after economic conditions in China seems to be improving which may retain the consumption demand of Copper since China is a top consumer of base metals. Also, the Fed Chair Powell hinted for a dovish rate hike stance amid deflation scenario emerging in U.S which further boosted up the metal prices. Last week, the soft USD after U.S FOMC hiked an interest rate by 25bps as expected on account of controlled inflation rate till now; turned up bullish for base metals. As seen in the chart, the commodity seems to be sustaining the support of Fibo level 38.2 & hence, buying may be initiated if upside prevails further.