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Agri- Commodities Weakens While Result of U.S EIA Nat Gas Estimates will Remain in Focus

By Research Team Thursday, Mar 16, 2023
COFFEE

    • 10.32amD1
    • High174.85
    • Low171
    • Close173

COFFEE is trading at $173.00, 0.21% down since previous close. The selling pressure in global markets & commodities amid ongoing U.S financial & banking crisis led some sort of selling pressure in agri-commodities as well. This overshadows the positive effect of weak US Dollar Index after U.S issued lower CPI rate increase against the previous figures; reducing the chances of higher rate hikes in Fed’s next meeting. This may turn out to be supportive for Brazilian Real (BRL) currency & Coffee prices; for this may fetch more profits to Brazilian farmers while exporting the beans to U.S. As seen in the cart, the commodity crossed down the Fibo level 38.2 & is heading towards Fibo level 50. Slight selling pressure may be build-up for the day in Coffee.

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Commodities

COFFEE

Intra Day
Near Day

Technical Levels

R3 180.65
R2 176.8
R1 174.9
Turnaround 172.95
S1 171.05
S2 169.1
S3 165.025
By Research Team Thursday, Mar 16, 2023
NAT GAS

    • 10.55amW1
    • High2.547
    • Low2.459
    • Close2.488

Natural Gas is trading at $2.497, 0.06% up since previous day close. The Natural Gas gained the momentum to some extent in early trade on Thursday ahead of the outcome of U.S Energy Information Administration (EIA) report wherein a shortage of 62B is expected in Natural Gas inventory levels & the price may extend its gains if actuals come out to be in-line with forecast. Last week, the report showed draw-down in Natural Gas inventory levels by 84B higher than expected fall of 76B which indicates more shortage in storage & supplies against the demand. As seen in the chart, the Natural Gas is trading near previous lows which acts as major support levels with heavy trading volumes; indicating the chances of upside if sustained & reversed.

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Commodities

NAT GAS

Intra Day
Near Day

Technical Levels

R3 2.912
R2 2.701
R1 2.599
Turnaround 2.489
S1 2.387
S2 2.277
S3 2.064
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