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Coffee Prices Consolidates Sideways While Natural Gas Resumes Upward Momentum

By Research Team Wednesday, Sep 27, 2023
Coffee

    • 11.32amw1
    • High152.02
    • Low148.67
    • Close150.02

COFFEE traded at $150.07, 0.03% down since previous close. The coffee seems to be trading sideways after sliding down to $150 levels last week amid 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. Wait & watch strategy may be recommended for the day in coffee.

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Commodities

Coffee

Intra Day
Near Day

Technical Levels

R3 157.066
R2 153.63
R1 151.82
Turnaround 150.25
S1 148.44
S2 146.87
S3 143.873
By Research Team Wednesday, Sep 27, 2023
Natural Gas

    • 11.54amd1
    • High2.879
    • Low2.849
    • Close2.875

Natural Gas is trading at $2.877, 0.06% up since previous day close. An upward momentum can be observed in Natural Gas prices amid rising consumption demand of heating fuels from U.S & European regions on an account of change in weather conditions. Globally, the Russia imposes a ban on its fuel exports which might affect the supplies of energy commodities like Crude Oil & Natural gas. Last week, the U.S EIA report showed a rise in Natural Gas inventory levels by 64B higher than previous reading of 57B. This signals for more storage levels. As seen in the chart, the commodity seems to be firmly trading above the short-term Moving Averages of period 10 & 20 & hence, buying on corrective dips may be recommended for the day.

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Commodities

Nat Gas

Intra Day
Near Day

Technical Levels

R3 3.057
R2 2.951
R1 2.899
Turnaround 2.844
S1 2.792
S2 2.737
S3 2.639
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