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Sliding Global Commodities & Base Metals Ahead of FOMC Minutes

By Research Team Wednesday, May 22, 2019
COMMODITY

COFFEE Outlook

    • 2.37pm ISTD1
    • High93.51
    • Low92.86
    • Close93.06

Coffee closed at $92.66, 0.18% up since previous day close. The profit-booking can be seen in agri-products on Wednesday after hopes looms over ending up of U.S-Sino trade war, as reported by Chinese officials. Last week, the tariffs imposition by U.S Trump on $200 billion worth of Chinese products affected the Coffee prices as China is a major 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. The cautious trading may be suggested for the day in Coffee.

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Commodities Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 101.11000
R2 96.26000
R1 94.46000
Turnaround 91.41000
S1 89.61000
S2 86.56000
S3 81.71000
By Research Team Wednesday, May 22, 2019
COMMODITY

COPPER Outlook

    • 2.57pm ISTD1
    • High5973
    • Low5951
    • Close5967

Copper is trading at 5969, 0.25% down since previous day close. The Copper is trading at five-month lows after USD firmed ahead of the outcome FOMC meeting Minutes which is to be released today. Also, the issues with Huawei Company affect the Copper consumption & its prices as well. The U.S-China trade tension escalated after U.S & China deadlock ongoing negotiations last weekend which weigh down the Copper. The stock level of Copper increased at London Metal Exchange (LME) indicated more supplies against the steady demand which pushed down the prices even more. As seen in the chart, the Copper crossed down the Moving Averages & hence, 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 6146.00000
R2 6079.00000
R1 6041.00000
Turnaround 6012.00000
S1 5974.00000
S2 5945.00000
S3 5878.00000