After closing at $163.55 Friday, Arabica Coffee opened today at $162.9, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Arabica Coffee retains a distinct $160.05 to $164.25 daily range.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released today at 19:30 UTC with a figure of 252,500, while the previous figure was 278,300. United States CFTC Gold speculative net positions released today at 19:30 UTC with a figure of 116,100, while the previous figure was 126,300. Fresh CFTC Nasdaq 100 speculative net positions data from United States came out at 3,000.
Coffee made an initial break below its 10 day Simple Moving Average at $160.56, a possible indication of a forthcoming negative trend. On the other hand, note that the Coffee future could begin to recover as it approaches significant support, now $1.3 away from $162.2. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems ICE Coffee is likely to start pointing downward in the short term.
Taking a look at other Softs commodities, negative performances are evident as Cotton is trading around $80.05 (down $1.29).
Positive performances can be seen by looking at other Softs markets as having closed the previous session at $19.33, Sugar is up 0.47% today to currently trade at around $19.42.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 100 from the preceding figure of 102.5.
Having set a significant high of $258.7 11 days ago, the Coffee future is trading 7.11% lower.