After dipping down to $189.2, ICE Coffee regains earlier losses and goes up to $193.6 per pound.
Coffee made an initial breakout above its 5 day Simple Moving Average at $193, a potential indicator of a newly emerging bullish phase. On the other hand, note that after reaching the known resistance zone beginning at $193.57, Arabica Coffee price action retreated approximately 3 cents.
Examining the technical analysis landscape, the Coffee future might continue its downtrend in the short term.
This rally in ICE Coffee's price coincides with other Softs as Cocoa gained 1.21% and is now trading at $2,334.
Though the Coffee future is going up, other Softs are underperforming — after ending Friday's session at $18.38, Sugar lost 9 cents and is trading around $18.29.
Also worthy of note, United States Consumer Confidence expected to decline to 106.5 while its preceding data was 108, data will be available tomorrow at 14:00 UTC.
Approximately 8 months ago, Coffee reached a significant high of $258.7 but has struggled to hold onto its gains and declined 26.21% since then.