After 10 days of persistent declines, Coffee stabilises around $164.35

Coffee trades at $164.35 per pound, after ending Friday at $164.85.

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that ICE Coffee's upper Bollinger Band® is at $191.26 and the lower is $165.48.

Overall, technical indicators suggest Coffee has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen in other Softs as Cotton slips 0.6% to trade around $79.35. Sugar is up 0.45%.

Furthermore, the market is looking at United States Building Permits is scheduled for tomorrow at 12:00 UTC. United States New Home Sales (May) scheduled to come out tomorrow at 14:00 UTC. United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.

The Coffee future is now trading 32.27% below the significant high of $243.4 it set around 10 months ago.