Coffee has been losing ground for 3 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $162.6, the Coffee future is up to $163.45 per pound, which makes for a move of 0.52%/85 cents today.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. Data for United States Factory Orders published yesterday at 15:00 UTC came out at 1%, beating projections of 0.7% and showing improvement over the preceding figure of 0.3%. United States ISM Non-Manufacturing Employment (Nov) released yesterday at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
This rally in Coffee's price coincides with other Softs as having closed the previous session at $83.86, Cotton is up 0.79% today to currently trade at around $84.52.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
Coffee has shed 29.06% over the past three months.