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Coffee Resumes Upward Momentum While Natural Gas Trade Sideways

By Research Team Monday, Sep 18, 2023

    • 12.25amd1
    • High160.37
    • Low154.27
    • Close159.1

COFFEE traded at $          159.17, 0.19% up since previous close. A sharp rally can be noticed in Coffee prices in last week amid changing climatic conditions in Brazil tuning drought like situation which affects the production & supplies of Coffee beans; for Brazil is a major producer of beans. On global front, the soft USD ahead of the U.S Fed meeting which is to be concluded on Wednesday with a hope of no change in monetary outlook may turn out to be bullish for Brazilian Real (BRL) currency & hence, Coffee prices may show a positive start on Monday. As seen in the chart, the Coffee successfully sustained the major support level of multiple lows with heavy trading volume & hence, strong buying pressure may be established for the day.

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Intra Day
Near Day

Technical Levels

R3 170.136
R2 164.04
R1 161.6
Turnaround 157.94
S1 155.5
S2 151.84
S3 147.14
By Research Team Monday, Sep 18, 2023
Natural Gas

    • 12.45pmd1
    • High2.665
    • Low2.622
    • Close2.661

Natural Gas is trading at $2.655, 0.04% up since previous day close. A recovery mode can be seen in Natural Gas prices on Monday after sliding down to lower levels in last week. The U.S Energy Information Administration (EIA) report showed a rise in Natural Gas inventory level by 57B higher than expected build-up of 51B. This signals for higher storage & supplies levels & hence, dragged down the prices. Earlier, the prices traded at higher levels amid rising consumption demand of heating fuels from U.S & European regions on account of change in weather conditions. Uncertain Fed monetary meet will remain vital for energy commodities. As seen in the chart, the commodity is trading near short-term Moving Averages & hence, sideways trading can be recommended for the day.

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Natural Gas

Intra Day
Near Day

Technical Levels

R3 2.917
R2 2.783
R1 2.701
Turnaround 2.648
S1 2.566
S2 2.513
S3 2.377

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