Risk-off mood drags Coffee 1% lower

Published: May 26 2023, 22:06 GMT+0

Risk-off mood drags Coffee 1% lower

Today at a glance: Coffee ended today at $180.85 per pound following from closing yesterday at $182.7. Overall, this represents a loss of $1.85 or 1%.

Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.

Amid the market gloom, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.

Coffee's value drop coincided with the fact that after ending today's session at $3,017, Cocoa lost $17 and is trading around $3,000.

Though Coffee has been dropping, other Softs have been performing better: notably, Sugar rose 2.34% today and closed at $24.83. Cotton surges 4.39% today and closed at $80.12.

The commodity has been trending lower for about a month. Having set a significant low of $151.1 4 months ago, the Coffee future is trading 20.91% higher.