The Coffee future slides down from $165.75 to $161.85 per pound today, losing $3.9 (2.35%).
United States's Non Farm Payrolls new data released of 263,000 below its previous figure.
On the flip side, United States Non Farm Payrolls released today at 13:30 UTC is better than expected at 263,000 but down from preceding data of 284,000 according to new data.
Amid the market gloom, new United States Unemployment Rate data was unchanged from the previous month and matched analyst projections of a reading of 3.7. United States ISM Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 49, while the previous figure was 50.2.
Coffee made an initial break below its 21 day Simple Moving Average at $165.95, a possible indication of a forthcoming negative trend. In contrast, Coffee could begin to recover as it approaches significant support, now 50 cents away from $162.35. Dipping below could be an indication that further losses are ahead.
Overall, the technical analysis landscape suggests that on the balance of probability, Coffee is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other Softs as Sugar closed at $19.36 (down 1.33%). Cotton is trading around $83.6 (down $1.25). Cocoa draws back 0.91% to trade around $2,496.
Furthermore, United States Unemployment Rate is expected today at 14:56 UTC.
The Coffee future is now trading 8.55% above the significant low ($152.7) it slumped to 15 days ago.