Small gain for ICE Coffee at $169.7 per pound after ranging between $168.05 and $170 today.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 101 (previous figure was 100.2).
Meanwhile, United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3 million, while the previous figure was 7.82 million. United States Housing Starts (Nov) released yesterday at 13:30 UTC with a figure of 1.43 million, while the previous figure was 1.43 million.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $172.8, thereby suggesting that Coffee is becoming overvalued. The Coffee future could be slowing down soon; it is getting close to the resistance line and is now at $170, only 28 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Examining the technical analysis landscape, ICE Coffee is likely to reverse course and start pointing downward in the short term.
This rally in Arabica Coffee's price coincides with other Softs as Sugar is up 1.65% to $20.92.
Also worthy of note, today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.66 million from the preceding figure of 10.23 million. United States Initial Jobless Claims projected to decline to 222,000 while previous data was 211,000; data will be released tomorrow at 13:30 UTC.
The market is looking forward to the release of new data: United States Existing Home Sales (Nov) scheduled to come out today at 15:00 UTC.
Coffee has shed 26.5% over the past three months.