Risk-off mood drags the Coffee future 1% lower

Published: May 27 2023, 06:56 GMT+0

Risk-off mood drags the Coffee future 1% lower

A quick look at yesterday: Coffee ended yesterday at $180.85 per pound following from closing Thursday 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%.

Meanwhile, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.

Coffee's value drop coincided with the fact that Cocoa lost 0.56% yesterday and closed at $3,017.

Positive performances can be seen by looking at other Softs markets as Sugar rallies 2.34% yesterday and closed at $24.83. Cotton went up by 4.39% yesterday, and closed at $83.64.

The commodity has been trending lower for about a month. The Coffee future has recovered 20.91% since descending to a significant low of $151.1 around 4 months ago.