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By Research Team Monday, Jan 23, 2023
SOYBEAN

    • 10.35amw1
    • High1501.52
    • Low1495.23
    • Close1496.74

Soybean is trading at $1496.98, 0.03% down since previous day close. The corrective mode can be seen in Soybean prices amid global cues. Earlier, the steady USD amid suspicious chances over smaller interest rate hikes in the next FOMC meeting led buying pressure in commodities. The change in climatic conditions in Argentina & lower supplies for the week as per the USDA weekly report affects the supplies & output against the rising demand; further cushioned the Soybean prices. As seen in the chart, the Soybean is trading near MA (200) & also, near the short term Moving Averages which indicates the chances of reversal if sustained and a breakdown if breached.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1542.02
R2 1526.01
R1 1516.18
Turnaround 1510
S1 1500.17
S2 1493.99
S3 1477.89
By Research Team Monday, Jan 23, 2023
COPPER

    • 10.58amd1
    • High9376
    • Low9233
    • Close9332

Copper traded at $9332.3, 0.11% up since previous close. The mixed trading can be seen in Copper prices as Chinese market will remain shut for the week on account of Lunar New Year holidays. The weak market sentiments after U.S issued soft Retail Sales & industrial data led selling pressure in metals. Earlier, the metal rallied to seven-month highs of $9500 earlier in this week amid positive global cues. The China eased down its Covid-19 lockdown & restrictions & also, posted better than expected GDP & Trade Balance data which revives the consumption demand of Copper since China is a top consumer of base metals. As seen in the chart, the Copper seems to be consolidating at higher levels & hence, the cautious trading may be recommended for the day.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 9599.67
R2 9456.67
R1 9394.33
Turnaround 9313.67
S1 9251.33
S2 9170.67
S3 9027.67
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