Lower coffee demand bearish for coffee price
The International Coffee Organization (ICO) estimates world exports at 10.49 million bags in June, 14.6% lower than in May 2019. And imports by ICO importing Members and the United States reached 64.22 million bags in the first half of coffee year 2019/20 (Oct/19 to March/20), 3.7% lower than in October 2018 to March 2019. The ICO reported also its composite indicator decreased by 5.2% to an average of 99.05 US cents/lb in June 2020, which is the third consecutive month of decrease. Lower demand as indicated by falling shipments is bearish for coffee.
Summary of technical analysis
|Buy stop||Below 97.88|
|Stop loss||Above 102.77|
Market Analysis provided by IFCMarkets
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