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Soybean Extends Losses While Metals Trades Sideways

By Research Team Monday, May 22, 2023
SOYBEAN

    • 11.41amd1
    • High1316.29
    • Low1304.48
    • Close1311.28

SOYBEAN is trading at $1306.03, 0.09% down since previous day close. The tight range can be seen in Soybean prices after plunging down to lower levels of $1300 last week on account of mixed global cues. Majorly, the rising supplies against the steady demand across the globe led selling bias in Soybean prices. The recent weekly USDA report showed a rise in exports & supplies for the week which turned out to be negative for prices. The change in weather conditions in Brazil may increase the plantation & harvesting of beans in future course of time which may lead to excess supply & hence, causes downfall in Soybean prices. Selling bias on higher levels may be suggested in the commodity.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1396.2
R2 1357.7
R1 1332.36
Turnaround 1319.18
S1 1293.5
S2 1280.6
S3 1242.1
By Research Team Monday, May 22, 2023
COPPER

    • 11.58amd1
    • High8189
    • Low8175
    • Close8175

COPPER traded at $8181.3, 0.06% down since previous close. The flat opening can be seen in copper prices on Monday; however, the commodity may gain the momentum in later session as trade relations between U.S & China seems to be improving post G7 summit; for China is a major consumer of base metals.  Globally, the tension over U.S debt ceiling issue as U.S President Biden & House of Representative Speaker are due to meet today; makes the commodities volatile. said to reach out a deal raising the ceiling limit in this week. The mixed USD over uncertain FOMC monetary decision in the next meeting will remain vital for copper. As seen in the chart, the Copper sustained at the previous lows which acts as a major support level & hence, slight buying bias may be seen.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 8473
R2 8364
R1 8301
Turnaround 8255
S1 8192
S2 8146
S3 8146
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