A mostly flat day so far for the Coffee future, ranging between $165.9 and $167.95; currently at $166.9 per pound.
United States ISM Manufacturing PMI (Dec) is next.
The Coffee future's state is reflected by market data as United States Manufacturing PMI released yesterday at 14:45 UTC with a figure of 46.2, while the previous figure was 47.7.
Coffee made an initial break below its 21 day Simple Moving Average at $166.09, a possible indication of a forthcoming negative trend. In contrast, ICE Coffee is approaching key support, around $3.32 away from $163.58. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Arabica Coffee is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Softs as Cotton ascends 0.54% to trade around $83.59.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with 2.23 million. It previously stood at 718,000; data will be released tomorrow at 16:00 UTC. United States ADP Nonfarm Employment Change (Dec) is scheduled for tomorrow at 13:15 UTC. United States JOLTs Job Openings (Nov) scheduled to come out today at 15:00 UTC.
The Coffee future is now trading 22.92% below its 3-month high of $258.7.