Without a clear-cut direction, ICE Coffee is trading around $163.95 per pound and ranging between $162.55 and $167.1.
Coffee made an initial break below its 21 day Simple Moving Average at $163.26, a possible indication of a forthcoming negative trend. On the other hand, note that Arabica Coffee is approaching key support, around $3.08 away from $160.87. 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 the market lacking direction, technical chart analysis strongly suggests Coffee is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Softs as Cocoa ascends 1.37% to trade around $2,509. Cotton gained 0.66% and is currently trading at $82.46.
Furthermore, the market is looking at United States Building Permits (Nov) scheduled to come out tomorrow at 13:30 UTC.
The Coffee future has shed 26.62% over the past three months.