Trading lower, Coffee is currently down $1.05 as it ranges between $157 and $158.15 so far today.
Bollinger Bands® shows an indication of recovery: the lower band is at $152.08, a low enough level to, generally, suggest that Coffee is trading below its fair value. The Coffee future could begin to recover as it approaches significant support, now 60 cents away from $156.5. Dipping below could be an indication that further losses are ahead.
Technical analysis shows that ICE Coffee (currently on a downtrend) might reverse course and start going up in the short term.
Taking a look at other Softs commodities, negative performances are evident as Cocoa is trading around $2,504 (down $38). Cotton is down 92 cents from the beginning of the session and now trades around $80.03. Sugar retreats 0.66% to trade around $19.47.
Furthermore, United States Consumer Price Index figure is projected at 0.3%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 7.3%. It previously stood at 7.7%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
ICE Coffee is now trading 30.56% below its 3-month high of $258.7.