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Agri-Commodities Trades Steady While Base Metals Soars Down

By Research Team Tuesday, Sep 26, 2023
Coffee

    • 12.32pmd1
    • High151.92
    • Low148.07
    • Close148.12

COFFEE traded at $148.17, 0.09% down since previous close. The downward momentum continued to be seen in coffee prices since last two sessions against the strong USD as Fed Powell hinted for hawkish stance with one more rate hike in this year followed by two rate hikes in the year 2024; which turned out to be negative for Brazilian Real (BRL) currency vis-à-vis Coffee prices. The changing climatic conditions in Brazil which affects the production & supplies of Coffee beans cushioned the prices last week; for Brazil is a major producer of beans. As seen in the chart, the Coffee seems to be consolidating near the short- & long-term Moving Averages which shows either side breakout. Slight selling bias may be recommended for the day in coffee.

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Commodities

COFFEE

Intra Day
Near Day

Technical Levels

R3 157.07
R2 153.22
R1 150.67
Turnaround 149.37
S1 146.82
S2 145.52
S3 141.67
By Research Team Tuesday, Sep 26, 2023
Copper

    • 12.55pmd1
    • High8130
    • Low8069
    • Close8074

COPPER traded at $8072.3, 0.10% down since previous close. The strong selling pressure can be seen in copper prices & tested $8000 mark today against the strong USD after U.S Fed hinted for hawkish stance with the chances of one more interest rate hike in this year. Ongoing tension between U.S & China may affect the consumption demand of copper since China is a major consumer of base metals. The result of US CB Consumer Confidence data will remain into focus for the day since it will determine the trend in USD & commodities. As seen in the chart, although the copper crossed down the cluster support level with heavy trading volume & hence, selling on rallies may be recommended in copper if downside prevails further for the day.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 8336
R2 8241
R1 8190
Turnaround 8146
S1 8095
S2 8051
S3 7956
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