After closing the previous trading day at $169.8, Coffee is up to $172.45 per pound, which makes for a move of 1.56%/$2.65 today.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.
Examining the technical analysis landscape, Coffee is likely to reverse course and start pointing downward in the short term.
This rally in the Coffee future's price coincides with other Softs as Sugar added 0.85% to its value, now trading at $17.73.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Oct) will be released tomorrow at 14:00 UTC. United States JOLTs Job Openings (Sep) scheduled to come out tomorrow at 14:00 UTC.
The commodity has been trending lower for about a month. Arabica Coffee is now trading 21.95% below its 3-month high of $258.7.