After United States Building Permits, Coffee trades at $187.55

Arabica Coffee is down to $187.55 per pound, after ending yesterday at $189.2. Overall, a 0.87% loss or $1.65 today.

• The Coffee future is currently trading at $187.55 following the release of Building Permits data from the United States.
• Today's slip comes after 7 days of trading still.

United States Building Permits came out at 1.15 million, while a consensus of analysts was expecting 1.42 million. United States Building Permits released today at 12:00 UTC with a figure of -1.4%, while the previous figure was -7.7%.

Coffee's upper Bollinger Band® is at $191 which indicates a further downward move may follow.

Overall, the technical analysis landscape suggests that on the balance of probability, Arabica Coffee is expected to maintain its bearish bias.

Tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 5 million. United States New Home Sales (Apr) is expected today at 14:00 UTC.

Cotton closed at $84.37 (down 1.11%). Having closed the previous session at $3,023, Cocoa is up 0.53% today to currently trade at around $3,039. Sugar closed at $25.9 (down 0.35%).

The commodity has been trending lower for about a month. The Coffee future is up 25.22% from the significant low of $151.1 it hit 4 months ago.