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June 30, 2023
Arabica Coffee trades at $162.1 per pound, after ending yesterday at $161.95.
United States Core PCE Price Index (MoM) (May) is next.
ICE Coffee's state is reflected by market data as highly important Pending Home Sales data from United States beat analyst expectations of -0.5% with a reading of -2.7%. United States GDP released yesterday at 12:30 UTC is better than expected at two but down from preceding data of 2.6 according to new data. Data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 239,000, beating projections of 266,000 and showing improvement over the preceding figure of 265,000.
Trend-following investors would be interested to note 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. Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. According to asset volatility analysis, the Coffee future's upper Bollinger Band® is at $192.77 and the lower is $157.4.
Overall, technical indicators suggest the Coffee future has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Softs as after ending yesterday's session at $22.6, Sugar lost 42 cents and is trading around $22.18. Cocoa goes down 1.89% to trade around $3,275. Cotton is up 0.74%.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core PCE Price Index (MoM) (May) scheduled to come out today at 12:30 UTC.
Having soared to a high of $243.4 approximately 10 months ago, Coffee is now trading 33.46% lower.
