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Copper Slumps Down & Agri-Commodities Weakens As Well

By Research Team Wednesday, May 17, 2023
SOYBEAN

    • 11.40amd1
    • High1363.26
    • Low1355.25
    • Close1355.6

SOYBEAN is trading at $1356.03, 0.13% down since previous day close. The recent weekly USDA report showed a rise in exports & supplies for the week which turned out to be negative for prices. Globally, the rising supplies against the steady demand led the weakness in prices. The mixed USD post higher U.S inflation rate figures & ongoing U.S debt ceiling talks remains significant for beans & other agri-commodities. The change in weather conditions in Brazil may increase the plantation & harvesting of beans in future course of time which may lead to excess supply & hence, causes downfall in Soybean prices. Selling bias on higher levels may be suggested in the commodity

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1460.88
R2 1416.8
R1 1389.01
Turnaround 1373.51
S1 1345.72
S2 1330.22
S3 1286.2
By Research Team Wednesday, May 17, 2023
COPPER

    • 11.55amd1
    • High8222
    • Low8081
    • Close8104

COPPER is trading at $8104.3, 0.18% down since previous close. The losses can be seen in copper prices since last two sessions & the same momentum can be extended today as well. The soft Chinese economic figures subdued the Copper prices since China is a major consumer of metals. Ongoing talks between U.S Joe Biden & top officials regarding debt ceiling repayment makes the USD & commodities volatile. Last week, the strong USD as US issued higher inflation rate which raises the chances of aggressive rate hike led selling bias in Copper. The U.S Housing data release will remain in focus for the day. As seen in the chart, the Copper slid down to previous lows which acts as a major support level & a make or break situation may be noticed on an intraday.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 8417
R2 8276
R1 8190
Turnaround 8135
S1 8049
S2 7994
S3 7853
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