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Coffee Resumes Upward Momentum While Natural Gas Trade Sideways

By Research Team Monday, Sep 18, 2023
Coffee

    • 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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Commodities

COFFEE

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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Commodities

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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