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Strong USD Makes Agri-Commodities Weaker While Natural Gas Trades Range Bound

By Research Team Thursday, Sep 21, 2023
Soybean

    • 11.05amd1
    • High1319.51
    • Low1305.98
    • Close1306.27

SOYBEAN is trading at $1308.03, 0.12% down since previous day close. The slight downside can be seen in Soybean prices against the strong USD as Fed hinted for hawkish stance with one more rate hike in this year in order to control the stocky inflation rate. This weigh down the agri-commodities since they are inversely correlated with USD. The changing climatic conditions in Argentina may remain vital for Soybean prices; for Argentina is a top producer of beans. As seen in the chart, the Soybean is consistently trading below the short-term MA (10) & MA (20) & MA (100) which indicates a selling pressure if downside prevailed further. Selling bias may be suggested for the day in Soybean.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1342.6
R2 1330.07
R1 1325.39
Turnaround 1317.54
S1 1312.86
S2 1305.01
S3 1292.84
By Research Team Thursday, Sep 21, 2023
Copper

    • 11.27amd1
    • High8374
    • Low8284
    • Close8336

COPPER traded at $8336.3, 0.02% up since previous close. The flat trading can be seen in copper prices on Thursday as USD climbed up to 6-month highs after U.S Fed hinted for hawkish stance with the chances of one more interest rate hike in this year. Last week, the Chinese PBoC cut-down its Reserve Requirement Ratio (RRR) by 25bps which may boost the industrial activities & hence, may increases the demand of copper later on since China is a major consumer of base metals. As seen in the chart, the Copper reversed up after testing the cluster support & crossed over the long-term MA (100) & short-term MA (10). However, the commodity is still consolidating & hence, sideways trading may be suggested for the day.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 8511
R2 8421
R1 8378
Turnaround 8331
S1 8288
S2 8241
S3 8151
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