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Mixed USD Cushioned Coffee Prices & Firm Base Metals

By Research Team Sunday, Jun 7, 2020
COMMODITY

COFFEE Outlook

    • 2.35pm ISTD1
    • High105.61
    • Low104.46
    • Close105.36

Coffee closed at $104.86, 0.25% up since previous day close. The mixed momentum can be seen in Coffee prices due to firm USD ahead of the U.S Non-farm Payroll data which is to be issued today. Earlier, the Brazilian Real (BRL) currency turned weaker as against the strong USD post result of better than expected U.S ISM Manufacturing PMI data which weigh down the Coffee prices. The trade tensions between U.S & Mexico as U.S imposed the tariffs on Mexican imports & the Fed Chair Powell comments over a rate cut for this year cushioned the commodities. The change in climatic conditions in Brazil affects Coffee production & supplies which pushed up the prices. Slight buying may be suggested for the day in Coffee.

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Commodities Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 108.81000
R2 104.91000
R1 103.51000
Turnaround 101.01000
S1 99.61000
S2 97.10000
S3 93.21000
By Research Team Sunday, Jun 7, 2020
COMMODITY

SOYBEAN Outlook

    • 2.50pm ISTD1
    • High870.53
    • Low862.98
    • Close864.03

Soybean is trading at $864.29, 0.31% down since Thursday. The downward momentum can be seen in Soybean prices due to ongoing global trade issues between U.S & Mexico which may affect the consumption demand. Earlier, an ongoing trade war between U.S & China after they halted their trade talks post imposition of tariffs on Chinese products pushed down the prices & China is a top consumer of agri-commodities. The weather conditions turned favorable in Argentina which increased the production & supplies of Soybeans & hence, pushed down its prices as Argentina is a major producer of Soybean. As seen in the chart, the Soybean crossed down the Fibo level 61.8 showing a selling bias for the day.

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Commodities Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 895.57000
R2 881.10000
R1 876.06000
Turnaround 866.63600
S1 861.57000
S2 852.16000
S3 837.69000
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