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.Read More… Read Less
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.Read More… Read Less
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