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Slight Pullback in Agri-Commodities & Sideways Base Metals

By Research Team Wednesday, May 15, 2019
COMMODITY

COFFEE Outlook

    • 12.48pm ISTD1
    • High92.4
    • Low89.81
    • Close90.41

Coffee closed at $90.51, 0.18% up since previous day close. The profit-booking can be seen in Coffee prices since last two trading sessions as tension between U.S & China slightly eased down & chances of further economic stimulus increases for China. Earlier, the dispute intensified after U.S chances of tariffs imposition on $200 billion worth of Chinese products which affected the Coffee prices as China is a top consumer of agri-commodities. The firm USD weighs down Brazilian Real (BRL) currency resulting into lesser profits to Brazilian farmers while exporting the Coffee beans to U.S. The favorable climatic condition in Brazil increases the output which again pushed down the prices. Selling on rallies may be suggested further.

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Commodities Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 92.87000
R2 91.27000
R1 90.59000
Turnaround 89.67000
S1 88.99000
S2 88.07000
S3 86.47000
By Research Team Wednesday, May 15, 2019
COMMODITY

NATURAL GAS Outlook

    • 1.10pm ISTD1
    • High2.655
    • Low2.643
    • Close2.653

Natural Gas is trading at $2.650, 0.13% up  since previous day close. An upward momentum continued to be seen in Natural Gas prices since last few trading sessions due to supply concerns as U.S-China trade tensions intensified. The Energy Information Administration (EIA) report showed a build-up of 85B lower than the previous figure 123B indicating lower supplies against the steady demand. Last week, the EIA report showed a rise of 123B higher than expectation of   107B which turned out to be negative for the prices. The change in climatic condition in U.S & European regions resulted into lesser consumption demand of heating fuels. Buying may be seen in Natural Gas for the day.

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Commodities Outlook

Natural Gas

Intra Day
Near Day

Technical Levels

R3 2.72700
R2 2.68500
R1 2.66500
Turnaround 2.64300
S1 2.62300
S2 2.60100
S3 2.55900