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Sell-off in Agri-Commodities & Range Bound Base Metals

By Research Team Tuesday, Jul 23, 2019
COMMODITY

COFFEE Outlook

    • 12.47pm ISTD1
    • High107.87
    • Low104.8
    • Close104.95

Coffee closed at $104.95, 0.11% down since previous day close. The selling bias may be seen in Coffee due to strong USD on rising chances of rate cut in the upcoming FOMC meeting which is to be held on July 30-31. Also, the change in climatic conditions in Brazil raises the Coffee output & supplies which pushed down its prices. Last week, the IMF said that US Dollar is overvalued by 6% to 12% which cushioned the commodities slightly. Earlier, the U.S-China trade truce at G20 summit further supported the Coffee prices as China is a major consumer of Coffee. As seen in the chart, the Coffee reversed down from major resistance level & hence, selling bias may be recommended for the day.

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Commodities Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 111.91300
R2 108.90300
R1 106.92600
Turnaround 105.89300
S1 103.91600
S2 102.88300
S3 99.84000
By Research Team Tuesday, Jul 23, 2019
COMMODITY

SOYBEAN Outlook

    • 1.05pm ISTD1
    • High909.21
    • Low906.46
    • Close908.29

Soybean is trading at $907.29, 0.09% down since previous day close. The Soybean seems to be trading flat to lower side since last two trading sessions due to rising supplies against the steady demand. Last week, the USD softened following IMF comments towards overvaluation of Dollar which supported the prices. The weather conditions changed in Argentina which pushed up the production & supplies of Soybeans & hence, weigh down the prices. The weekly USDA report showed a rise in export sales in Soybean as compared to last week which slid down the prices. The chances of rate cut in the upcoming Fed meet will remain crucial for commodities. Slight selling bias may be suggested for the day in Soybean.

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Commodities Outlook

Soybean

Intra Day
Near Day

Technical Levels

R3 938.41000
R2 924.16600
R1 915.34000
Turnaround 909.91900
S1 901.09300
S2 895.66000
S3 881.41000