ICE Coffee continues a four day positive streak and is up $2.9 to $162.75

Published: January 26 2023, 00:36 GMT+0

ICE Coffee continues a four day positive streak and is up $2.9 to $162.75

After closing the previous trading day at $159.85, Coffee is up to $162.75 per pound, which makes for a move of 1.81%/$2.9 today.

Nevertheless, Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

This rally in Coffee's price coincides with other Softs as having closed the previous session at $19.88, Sugar is up 1% today to currently trade at around $20.08. Cotton ascends 0.61% to trade around $86.77.

Moreover, macro data could boost sentiment further as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available today at 13:30 UTC.

Also worthy of note, United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

ICE Coffee hit a significant low of $151.1 around 9 days ago, but has since recovered 5.79%.