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Coffee Consolidates at Lower Levels While Base Metals Moves Slightly Upside

By Research Team Thursday, Sep 14, 2023

    • 1.42pmd1
    • High153.32
    • Low147.17
    • Close152.62

COFFEE traded at $          151.42, 0.01% down since previous close. The positive opening can be seen in Coffee prices on Thursday against the soft USD post U.S CPI data release wherein the inflation rate grew by 0.3% which prove to be not sufficient for Fed rate hike decision in its upcoming meeting. This may affect USD & Brazilian Real (BRL) currency; for the Brazilian farmers may fetch lesser profits while exporting the beans to U.S. Besides this, the change in weather conditions in Brazil affecting the output & supplies level makes the prices more volatile; since Brazil is a major producer of coffee beans. As seen in the chart, the Coffee seems to be sustaining the major support level of multiple lows & hence, buying pressure may be established if it successfully reverses up.

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Intra Day
Near Day

Technical Levels

R3 157.17
R2 154.57
R1 153.02
Turnaround 151.97
S1 150.42
S2 149.37
S3 146.774
By Research Team Thursday, Sep 14, 2023

    • 2.04pmd1
    • High8436
    • Low8371
    • Close8415

COPPER is trading at $8409.3, 0.02% up since previous close. A tight range can be seen in copper prices since last two sessions against the soft USD as traders hopes for no-change monetary policy in FOMC’s upcoming meeting. The U.S CPI data shows mild change in the inflation rate & hence, may cushion the base metals. Last week, the rising tension between U.S & China after the former imposed export curbs on Chinese tech companies resulted into downside in copper; for China is a top consumer of base metals. As seen in the chart, the Copper reversed up after testing the cluster support & is now trading near long-term MA (100) & short-term MA (10). If breached, a buying bias may be established in copper on the daily basis otherwise a reversal may be expected.

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Intra Day
Near Day

Technical Levels

R3 8567
R2 8475
R1 8427
Turnaround 8383
S1 8335
S2 8291
S3 8199

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