The Coffee future is on a 5 day downtrend Today is looking a bit better: without a clear-cut direction, the Coffee future is trading around $163.1 per pound and ranging between $163 and $164.25.
United States Crude Oil Inventories is next today at 15:30 UTC.
Uncertainty around ICE Coffee is reflected by published market data as United States API Weekly Crude Oil Stock came out at -6.43 million, while a consensus of analysts was expecting -3.88 million. United States Trade Balance (Oct) released yesterday at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Coffee made an initial breakout above its 21 day Simple Moving Average at $164.15, a potential indicator of a newly emerging bullish phase. The Coffee future is approaching key support, around $1.32 away from $161.78. 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 muted price action in ICE Coffee, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Softs as Cotton retreats 0.41% to trade around $84.24.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC. United States Initial Jobless Claims expected to decline to 230,000 while its preceding data was 225,000, data will be available tomorrow at 13:30 UTC.
Coffee is now trading 28.66% below its 3-month high of $258.7.