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Natural Gas Steadies Ahead of U.S EIA Estimates & Coffee Surges Higher

By Research Team Thursday, Jan 19, 2023
COFFEE

    • 11.00amW1
    • High155.9
    • Low151.42
    • Close153.67

Coffee traded at 153.60, 0.09% up since previous day close. An upward momentum can be seen in Coffee prices since last two trading sessions against the soft USD. The higher chances of smaller rate hikes in the next Fed meeting amid progress in controlling inflationary concern led buying pressure in Coffee; since this pushes up Brazilian Real (BRL) currency. On contrary, the commodity slid down to two-year lows of $150 last week as demand lowered down from China due to imposition of Covid-19 restrictions & inflationary pressure across the globe. The changes in weather conditions in Brazil, one of the major Coffee producing countries turned up unfavorable for Coffee production which led an increase in prices. Buying on lower side may be recommended for the day in the commodity.

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Commodities

COFFEE

Intra Day
Near Day

Technical Levels

R3 162.62300
R2 158.14000
R1 155.91000
Turnaround 153.60000
S1 151.43000
S2 149.18000
S3 144.70300
By Research Team Thursday, Jan 19, 2023
NATURAL GAS

    • 11.15amW1
    • High3.334
    • Low3.26
    • Close3.267

Natural Gas is trading at $3.275, 0.11% down since previous close. The fall in Oil prices led a sell-off in its substitutes like Natural gas in the previous session. The Natural gas is now hovering near previous lows of $3.000 amid global cues. The U.S Energy Information Administration (EIA) report is to reveal its changes in Natural gas inventory level while it expects a massive drop-down in the storage by 76B. If released as per expectation, a reversal can be seen in Natural Gas prices today. The changes in European regions & U.S may affect the demand of heating fuels like Oil & Natural gas; further making the commodities more vulnerable. As seen in the chart, the Natural gas is trading near major support level & hence, either side breakout can be expected for the day.

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Commodities

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 4.159
R2 3.785
R1 3.557
Turnaround 3.411
S1 3.183
S2 3.037
S3 2.66
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