The Coffee future is down to $178.5 per pound, after ending Friday at $182.25. Overall, a 2.06% loss or $3.75 today.
ICE Coffee is currently trading at $178.5 following the release of U.S. President Biden speech data from the United States.
Amid the market gloom, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
Japanese candlestick formations show a "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term.
Taking a look at other Softs commodities, negative performances are evident as Sugar slips 1.42% to trade around $20.86. Cocoa decreases 0.86% to trade around $2,651.
Though Coffee has been dropping, other Softs have been performing better: Cotton jumps 3.84% to trade around $81.18.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
Arabica Coffee is now trading 20.62% above the significant low ($151.1) it slumped to a month ago.