While on a 9 day downtrend Today is looking a bit better: Arabica Coffee trades at $151.2 per pound, after ending yesterday at $151.7.
Technical analysis trend indicators suggest that 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. According to asset volatility analysis, Coffee's upper Bollinger Band® is at $177.25 and the lower is $152.61.
All in all, the technical analysis suggests ICE Coffee has no clear-cut direction.
Meanwhile, mixed performances are seen in other Softs as Sugar is up 0.86%.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.3%. New data is set to be published tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.4% from the preceding figure of -0.2%. United States Retail Sales expected to decline to -0.8% while its preceding data was -0.6%, data will be available tomorrow at 13:30 UTC.
The current year has not been the best for ICE Coffee as it lost 8.78% from its highest point of $258.7.