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Huawei Issues Weigh Down Base Metals & Sideways Momentum in Agri-Commodities

By Research Team Tuesday, May 21, 2019
COMMODITY

COPPER Outlook

    • 3.00pm ISTD1
    • High6050
    • Low6019
    • Close6039

Copper is trading at 6042, 0.05% down since previous day close. The downside in global commodities pushed down the base metals as issues with Huawei Company affects the Copper consumption. Also, the U.S-China trade tension escalated after U.S & China deadlock ongoing negotiations last weekend which weigh down the Copper. Earlier, the U.S raised the tariffs from 10% to 25% on $200 billion worth of Chinese products last week which prompted China to retaliate. The stock level of Copper increased at London Metal Exchange which pushed down the prices even more. The steady USD ahead of the result of FOM Minutes release will remain crucial for commodities. Strong selling may be suggested for the day in Copper on an intraday basis.

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Commodities Outlook

COPPER

Intra Day
Near Day

Technical Levels

R3 6125.00000
R2 6074.00000
R1 6049.00000
Turnaround 6023.00000
S1 5998.00000
S2 5972.00000
S3 5921.00000
By Research Team Tuesday, May 21, 2019
COMMODITY

SOYBEAN Outlook

    • 2.35pm ISTD1
    • High839.03
    • Low835.26
    • Close837.03

Soybean is trading at $836.29, 0.05% down since Monday. The sideways trading can be seen in Soybean prices after sliding down to recent lows in last week after U.S-China halted their trade talks post imposition of U.S tariffs on Chinese products & China is a leading consumer of agri-commodities. The change in climatic conditions turning favorable for beans output & suppressed its prices as Argentina is a major producer of Soybean. The rise in USDA weekly sales report pushed down the prices. The firm US Dollar ahead of the FOMC Meeting Minutes release will remain vital for the commodities. The cautious trading may be recommended in Soybean as it is hovering near Fibo level 23.6.

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Commodities Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 856.55000
R2 844.03000
R1 837.20000
Turnaround 831.50000
S1 824.73000
S2 818.97000
S3 806.44000