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Coffee Slid Down to $180 Levels & Copper Recovers to Some Extent

By Research Team Friday, May 26, 2023

    • 11.28amd1
    • High1325.79
    • Low1319.5
    • Close1320.77

COFFEE is trading at $181.28, 0.16% down since previous close. The selling bias can be observed in Coffee prices in the preceding session against the strong USD after U.S issued better than expected Prelim GDP & Jobless Claims data. Also, the steady USD amid little progress in U.S debt ceiling talks amongst top U.S officials affects the Brazilian Real (BRL) currency vis-à-vis Coffee prices. Uncertain U.S Fed monetary decision in its upcoming meeting remains vital for Coffee prices. The risk of lesser supplies from Colombia due to changing climatic conditions eases down which made Coffee prices lower. As seen in the chart, the Coffee retraced down till lower trend-line of channel pattern & hence, slight selling may be noticed for the day.

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Intra Day
Near Day

Technical Levels

R3 1368.35
R2 1347.04
R1 1335.28
Turnaround 1325.54
S1 1313.78
S2 1304.04
S3 1282.35
By Research Team Friday, May 26, 2023
Natural Gas

    • 11.21amd1
    • High2.589
    • Low2.56
    • Close2.562

Natural Gas is trading at $2.449, 0.12% up since previous day close. The slight correction can be seen in Natural Gas prices after testing the higher levels of $2.50 earlier in this week. On Thursday, the U.S Energy Information Administration (EIA) report showed a build-up in Natural Gas inventory level by 96B lower than estimated rise of 100B; signaling for lower storage levels. This pushed up the prices to some extent. Earlier, the news spurred in that the major Natural Gas producers are expected to lower down drilling & output levels amid low pricing environment in the year 2023 which pushed up the prices. As seen in the chart, the Natural Gas seems to be trading above the MA (100) which indicates buying bias on each & every corrective dip.

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Natural Gas

Intra Day
Near Day

Technical Levels

R3 2.782
R2 2.669
R1 2.625
Turnaround 2.556
S1 2.512
S2 2.443
S3 2.33

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