Coffee is down to $185.25 per pound, after ending yesterday at $186.45. Overall, a 0.64% loss or $1.2 today.
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
United States Consumer Confidence published yesterday at 15:00 UTC came out at 102.9, falling short of the 108.5 projections and continuing its decline from the previous 106 figure.
Meanwhile, United States API Weekly Crude Oil Stock came out at 6.20 million, while a consensus of analysts was expecting 440,000. United States Chicago PMI (Feb) released yesterday at 14:45 UTC with a figure of 43.6, while the previous figure was 44.3.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Looking forward, Coffee is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other Softs as Sugar is trading around $20.12 (down $1.96).
Though ICE Coffee has been dropping, other Softs have been performing better: Cocoa is up 1.56%. Cotton is up 0.68%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 457,000, following on from the preceding figure of 7.65 million. New data is set to be published today at 15:30 UTC. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 192,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) is expected today at 15:00 UTC.
The commodity has been trending positively for about a month. After hitting an important low of $151.1 approximately a month ago, ICE Coffee has bounced back 23.4% since.