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Agri-Commodities Moves Sideways While Copper Slide Down

By Research Team Tuesday, May 23, 2023
COFFEE

    • 11.41amd1
    • High193.63
    • Low186.43
    • Close189.08

COFFEE is trading at $189.28, 0.02% down since previous close. The slight profit-booking can be seen in Coffee prices against the previous session as USD strengthens over ongoing U.S debt ceiling issues amongst top U.S officials. This may affect the Brazilian Real (BRL) currency vis-à-vis Coffee prices. Earlier in a week, the rise in consumption demand against the slowing supplies led buying pressure in Coffee prices. The risk of lesser supplies from Colombia due to the changing climatic conditions made the Coffee expensive; for Colombia is the world’s second largest bean producer. As seen in the chart, the Coffee retraced down till MA (200) & is still trading within the bullish channel pattern. Wait & watch strategy may be built up for the day in Coffee.

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Commodities

COFFEE

Intra Day
Near Day

Technical Levels

R3 204.11
R2 196.91
R1 193
Turnaround 189.71
S1 185.8
S2 182.51
S3 175.313
By Research Team Tuesday, May 23, 2023
COPPER

    • 11.58amd1
    • High8198
    • Low8107
    • Close8129

COPPER traded at $8129.3, 0.12% down since previous close. The flat to lower side trading can be seen in copper prices against the strong USD as talks between U.S President Biden & House Speaker McCarthy remained unresolved & ended up with no deal. This may turn out to be slightly negative for commodities. Earlier, the prices slightly inched up as trade relations between U.S & China seems to be improving post G7 summit; for China is a major consumer of base metals. The mixed USD over uncertain FOMC monetary decision in the next meeting will remain vital for copper. As seen in the chart, the Copper sustained at the previous lows which acts as a major support level & hence, make-or-break situation may be expected for the day.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 2.831
R2 2.634
R1 2.508
Turnaround 2.436
S1 2.31
S2 2.238
S3 2.036
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