The Coffee future down 95 cents reaching $185.55, for its 4th straight negative day

Coffee is down to $185.55 per pound, after ending today at $186.5. Overall, a 0.51% loss or 95 cents today.

On the flip side, data for United States Crude Oil Inventories published today at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.

Amid the market gloom, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released today at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.

Coffee's lower Bollinger Band® is at $179.32, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, it seems the Coffee future might start pointing upward in the short term.

Taking a look at other Softs commodities, negative performances are evident as Cotton decreases 0.46% to trade around $80.62.

Though the Coffee future has been dropping, other Softs have been performing better: Sugar gained 1.72% and is now trading at $26.64. Cocoa increases 1.07% to trade around $3,031.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 245,000 while previous data was 242,000; data will be released tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC.

Arabica Coffee is up 23.43% from the significant low of $151.1 it hit 3 months ago.