SOYBEAN is trading at $1497.03, 0.03% up since previous day close. The slight pullback can be seen in Soybean prices on Wednesday after posing a heavy losses in the previous session; almost testing the recent lows of $1485. The recent USDA report showed rise in weekly exports which pressurized the prices. Also, the heavy decline in Oil prices further weakens its substitutes like Soybean. However, on global front, the U.S banking system ruction & softer CPI rate eases down the fear over chances of aggressive rate hikes in upcoming Fed meet which may turn up positive for agri-commodities later on. Wait & watch strategy may be build-up for the day in soybean as the commodity is hovering near major support level.Read More… Read Less
COPPER is trading at $8810.3, 0.09% up since previous close. The strong range bound trading can be seen in copper since last few sessions; however, the weaker USD amid global cues makes the commodities more promising. An easing down U.S CPI rate, strong U.S Non-farm Payroll figures & ongoing U.S financial & banking crisis reduces the chances of aggressive rate hikes in next Fed meeting which may further turn out to be positive for commodities. The progress in Chinese key economic data, inflation rate & Trade Balance figures may turn supportive for Copper prices on short to medium term basis since China is a major consumer of base metals. Buying bias may be established for the day in Copper since the commodity seems to be sustaining the support levels.Read More… Read Less
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