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Natural Gas Rallies Above $2.800 Levels While Copper Tumbled Down

By Research Team Friday, Sep 22, 2023

    • 10.25amd1
    • High158.52
    • Low154.42
    • Close154.92

COFFEE traded at $ 154.57, 0.19% down since previous close. The Coffee prices slid down on Thursday 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 may turn out to be negative for Brazilian Real (BRL) currency vis-à-vis Coffee prices. However, the changing climatic conditions in Brazil tuning drought like situation which affects the production & supplies of Coffee beans cushioned the prices; 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. Sideways trading strategy may be adopted for the day in coffee.

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Intra Day
Near Day

Technical Levels

R3 164.153
R2 160.05
R1 157.49
Turnaround 155.95
S1 153.39
S2 151.85
S3 147.73
By Research Team Friday, Sep 22, 2023

    • 10.49amd1
    • High2.856
    • Low2.834
    • Close2.841

Natural Gas is trading at $2.843, 0.12% up since previous day close. The Natural gas rallied on higher side on Thursday after Russia imposes ban on its fuel exports which might affect the supplies of energy commodities like Crude Oil & Natural gas. This overshadows the negative emerging out of bullish U.S EIA report which shows a rise in Natural Gas inventory levels by 64B higher than previous reading of 57B. This signals for more storage levels. Also, the rising consumption demand of heating fuels from U.S & European regions on account of change in weather conditions. As seen in the chart, the commodity seems to be taking a support of short-term Moving Averages & hence, buying on lower level may be recommended for the day.

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Intra Day
Near Day

Technical Levels

R3 3.259
R2 3.007
R1 2.921
Turnaround 2.755
S1 2.669
S2 2.503
S3 2.251

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