ICE Coffee gains positive traction for a 4th successive day

Published: January 25 2023, 20:00 GMT+0

ICE Coffee gains positive traction for a 4th successive day

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, following a previous reading of 8.41 million, Crude Oil Inventories in United States released today at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

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

This rally in ICE Coffee's price coincides with other Softs as Sugar is up 1%. Cotton is up 0.61%.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP projected to decline to 2.6 while previous data was 3.2; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims expected to decline to 205,000 while its preceding data was 190,000, data will be available tomorrow at 13:30 UTC.

Coffee hit a significant low of $151.1 around 8 days ago, but has since recovered 5.79%.

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