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Soft USD Amid IMF Comments Cushioned Metals

By Research Team Thursday, Jul 18, 2019
COMMODITY

SOYBEAN Outlook

    • 12.10pm ISTD1
    • High902.29
    • Low896
    • Close898.75

Soybean is trading at $899.29, 0.09% down since previous day close. The selling pressure continued to be seen in Soybean prices despite strong momentum in global commodities after USD softened following IMF comments towards overvaluation of Dollar. Also, the weather conditions changed in Argentina which slowed down the production & supplies of Soybeans & hence, pushed down prices. The weekly USDA report showed a rise in export sales in Soybean as compared to last week which weigh down the prices. Earlier, the FOMC Chair Jerome Powell speech showed a tempering of rate cut which cushioned the commodities slightly. Selling momentum may be initiated for the day as the Soybean is trading below the Moving Averages.

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Commodities Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 929.68000
R2 916.68600
R1 908.33000
Turnaround 903.68000
S1 895.33000
S2 890.68000
S3 877.66000
By Research Team Thursday, Jul 18, 2019
COMMODITY

NICKEL Outlook

    • 12.25pm ISTW1
    • High14784
    • Low14708
    • Close14784

Nickel is trading at 14754, 0.25% up since previous day close. A sharp rally can be seen in Nickel as compared to other base metals since last few trading sessions as major Nickel producer in Russia halted their output. Also, the USD weakened after the IMF said the US Dollar is overvalued by 6% to 12% depending upon the current economic parameters. This turned out to be positive for base metals. China released upbeat economic data on Monday which pushed up the Copper prices, China is a major base metals consumer. The stock level of Nickel reduces at record lower levels at London Metal Exchange (LME) which pushed up the prices. Strong buying may be seen further in Nickel showing the chances of testing the previous highs.

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Commodities Outlook

NICKEL

Intra Day
Near Day

Technical Levels

R3 15039.00000
R2 14609.00000
R1 14444.00000
Turnaround 14179.00000
S1 14014.00000
S2 13749.00000
S3 13319.00000