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Coffee Prices Reversed Down & Bullish Base Metals

By Research Team Monday, Apr 15, 2019
COMMODITY

COFFEE Outlook

    • 11.30am ISTD1
    • High93.41
    • Low91.61
    • Close92.66

Coffee closed at $92.66, 0.31% down since previous day close. The downward momentum can be seen in Coffee prices due to rising supplies against reducing consumption demand. Last week, the strong USD on account of positive U.S CPI & Jobless Claims data weighs down the Brazilian Real (BRL). An uncertain outlook Brexit & U.S-Europe trade tariffs issue after U.S President announced new set of tariffs on European exports. Last week, the Coffee hits multi-year lows in earlier weeks due to rising supplies against the steady demand. The potential U.S-China trade deal turned other currencies weaker & Coffee as well. Selling may be initiated for the day in Coffee as it reversed from resistance level.

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Commodities Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 96.16000
R2 94.36000
R1 93.50000
Turnaround 92.56000
S1 91.71000
S2 90.76000
S3 88.96000
By Research Team Monday, Apr 15, 2019
COMMODITY

COPPER Outlook

    • 11.45am ISTD1
    • High6516
    • Low6418
    • Close6492

Copper is trading at 6492, 0.30% up since previous day close. The Copper seems to be trading upside after China posted upbeat Trade Balance showing more exports than imports which increases the consumption demand of Copper as China is a major consumer of base metals. Earlier, the IMF cuts down global growth forecasts which pushed down the commodities slightly. An uncertain outlook over Brexit as it has been delayed to June & rising trade conflicts between U.S & China & U.S & Europe may affect the metal prices. The stock level of Copper fell down at London Metal exchange which pushed up the prices. As seen in the chart, the Copper is trading above the short term Moving Averages & hence, buying may be seen further.

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Commodities Outlook

COPPER

Intra Day
Near Day

Technical Levels

R3 6671.00000
R2 6573.00000
R1 6532.00000
Turnaround 6475.00000
S1 6434.00000
S2 6377.00000
S3 6279.00000