SOYBEAN is trading at $1476.03, 0.12% up since previous day close. The pullback can be seen in Soybean prices since last two sessions amid rise in demand against the steady supplies. Earlier in this week, the Soybean tested $1400 levels as concern towards oversupplies increases. Majorly, the changing climatic conditions in Argentina from drought to normal weather raises the Soybean output & hence, made the commodity less expensive, for Argentina is a major producer of beans. As seen in the chart, the Soybean reversed upside from previous lows which acts as major support level & is, now trading near MA (10). Slight buying may be recommended for the day in Soybean.

COPPER is trading at $8968.3, 0.08% up since previous close. The metals surge up amid improved global sentiments which can revive the consumption demand of industrial metals & hence, this pushed up the Copper prices. On global front, the U.S First Citizen Bank might take over the SVB bank which boosted up the market sentiments. Last week, the Fed’s less hawkish stance of raising an interest rate by 25bps leading to 5.00% to 4.75% range as expected led the buying pressure in base metals & softened USD since both of them are inversely correlated. As seen in the chart, the Copper reversed up from MA (100) which shows the chances of strong upside if momentum prevails further. Buying on dips may be suggested for the day in Copper.