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Copper Turns Bearish While Natural Gas Trades in Green

By Research Team Wednesday, May 24, 2023

    • 12.15pmd1
    • High190.18
    • Low185.63
    • Close187.63

COFFEE is trading at $187.28, 0.02% down since previous close. The losses continued to be seen in Coffee prices since last two sessions amid strong USD on account of ongoing U.S debt ceiling negotiations amongst top U.S officials. This may affect the Brazilian Real (BRL) currency vis-à-vis Coffee prices.  Uncertain U.S Fed monetary decision in its upcoming meeting remains vital for Coffee prices. Last week, the risk of lesser supplies from Colombia due to changing climatic conditions made the Coffee expensive; for Colombia is the world’s second largest bean producer. As seen in the chart, the Coffee retraced down till MA (200) & is still trading within the bullish channel pattern. Wait & watch strategy may be built up for the day in Coffee.

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Intra Day
Near Day

Technical Levels

R3 204.11
R2 196.91
R1 193
Turnaround 189.71
S1 185.8
S2 182.51
S3 175.313
By Research Team Wednesday, May 24, 2023

    • 12.38pmd1
    • High2.512
    • Low2.488
    • Close2.501

Natural Gas is trading at $2.503, 0.32% up since previous day close. The bullishness resumed in Natural Gas prices after correcting down to some extent earlier in this week amid rise in consumption demand. The recent U.S Energy Information Administration (EIA) report showed a build-up in Natural Gas inventory level by 99B lower than estimated rise of 109B; signaling for lower storage levels. Earlier, the news spurred in that the major Natural Gas producers are expected to lower down drilling & output levels amid low pricing environment in the year 2023 which pushed up the prices. Buying on each & every corrective dip may be recommended for the day since the commodity is expected to take a support of MA (100) & short-term Moving Averages.

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Intra Day
Near Day

Technical Levels

R3 2.841
R2 2.641
R1 2.568
Turnaround 2.439
S1 2.367
S2 2.238
S3 2.037

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