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Trading Signals

Coffee sheds $3.65 to trade around $199.4 per pound

19 April 2023

KCUSX

The Coffee future is down to $199.4 per pound, after ending yesterday at $203.05. Overall, a 1.8% loss or $3.65 today.

Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in the Coffee future are expected to follow.

While price action maintains a negative bias, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -2.67 million, while the previous figure was 377,000. United States Housing Starts published yesterday at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure.

Trend-focused traders would be interested to note that investors are seeking long positions as Coffee price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Arabica Coffee's upper Bollinger Band® is at $202.24 which indicates a further downward move may follow.

Notwithstanding ICE Coffee's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Positive performances can be seen by looking at other Softs markets as Sugar is up 1.04%. Cocoa is up 0.51%.

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to -1 million while previous data was 597,000; data will be released today at 14:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) will be released tomorrow at 14:00 UTC.

ICE Coffee hit a significant low of $151.1 around 3 months ago, but has since recovered 34.38%.

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After four days of going down, ICE Coffee is stable today, trading around $183.05

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