Register for MT4 Demo Account

Register for xStation Account

Range Bound Soybean & Strong Base Metals

By Research Team Wednesday, Feb 6, 2019
COMMODITY

SOYBEAN Outlook

    • 10.58am ISTD1
    • High919.53
    • Low918.24
    • Close918.49

Soybean is trading at 918.24, 0.05% up since Tuesday. The flat momentum can be seen in Soybean due to global cues like progressive U.S- China trade talks & dovish FOMC meeting which resulted into weak USD & other base metals. Also, the shutdown of Chinese markets on account of national holidays reduces the consumption demand of Soybean. The change in climatic conditions is Argentina affects the output & supplies as Argentina is a major producer of Soybean. The potential chances of US & China trade talks focusing on tariffs on energy & agri products which are currently ongoing largely cushioned the Soybean prices. Wait & watch strategy may be adopted for the day.

Read More… Read Less

Commodities Outlook

Soybean

Intra Day
Near Day

Technical Levels

R3 929.14600
R2 922.90600
R1 920.34300
Turnaround 916.66600
S1 914.10300
S2 910.42600
S3 904.18000
By Research Team Wednesday, Feb 6, 2019
COMMODITY

COPPER Outlook

    • 11.15am ISTD1
    • High6206
    • Low6156
    • Close6194

Copper is trading at 6194, 0.08% up since previous day close.  The Copper seems to be trading positive despite of shutdown of Chinese markets for the week on account of Lunar New Year. Earlier, the soft USD after FOMC left an interest rate steady at 2.50% as expected but hinted more dovish stance over future interest rate hikes than anticipated which cushioned the commodities. The progressive outcome of U.S & China trade talks may remain positive for metals further. The stock level of Copper declined at London Metal Exchange (LME) turning positive for the prices. As seen in the chart, the Copper is crossed major resistance level & is trading above short term Moving Averages. Hence, buying momentum may be recommended further for the day.

Read More… Read Less

Commodities Outlook

COPPER

Intra Day
Near Day

Technical Levels

R3 6285.00000
R2 6235.00000
R1 6214.00000
Turnaround 6185.00000
S1 6164.00000
S2 6135.00000
S3 6085.00000