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Coffee at One-Week Highs & Metals Edges Higher

By Research Team Tuesday, Jan 24, 2023
COFFEE

    • 10.30amW1
    • High159.75
    • Low154.23
    • Close158.78

Coffee traded at 158.80, 0.24% up since previous day close. A strong close can be observed in Coffee prices; testing almost one-week high on Monday. The sell-off in USD & strong EURO amid contrarian interest rate moves in their respective meetings strengthened Brazilian Real (BRL) currency which fetches higher profits to Brazilian farmers while exporting the beans to U.S. Besides this, the changes in weather conditions in Brazil turned up unfavorable for Coffee production which led an increase in prices. Earlier, the commodity slid down to two-year lows of $150 last week as demand lowered down from China due to Covid-19 restrictions & inflationary pressure across the globe. Buying on corrections may be recommended for the day in the commodity.

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Commodities

COFFEE

Intra Day
Near Day

Technical Levels

R3 168.62
R2 163.11
R1 160.94
Turnaround 157.59
S1 155.42
S2 152.07
S3 146.546
By Research Team Tuesday, Jan 24, 2023
COPPER

    • 10.55amD1
    • High9417
    • Low9274
    • Close9344

Copper traded at $9344.3, 0.01% up since previous close. The flat to higher side trading can be seen in Copper prices against the soft USD amid mixed chances of monetary easing in the next Fed meet. In previous session, the slight selling pressure can be noticed in Copper prices as Chinese market will remain shut for the week on account of Lunar New Year holidays. 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. Buying bias may be build-up for the day in Copper.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 9631
R2 9456.67
R1 9394.33
Turnaround 9345
S1 9273
S2 9202
S3 9059
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