Arabica Futures Bounce CoffeeNetwork - Arabica prices on the InterContinental Exchange were trading 7.35 higher for the March contract, last seen at 194.30. Volume was good with 12,562 contracts at the time of writing. The May contract is trading 5.40 higher at 189.10 with 8,916 contracts.
Arabica futures are firm today with no clear reason as to the bounce, according to traders. The volatility is most likely being caused by specs short covering. A recovery of the H/K switch and bouncing from the 185 support level triggered specs to buy.
StoneX is currently conducting the second part of their Brazilian crop tour. Their findings will be combined with that of the first crop tour, which took place last month, and a full report with crop forecast will be published within the next few weeks.
Robusta futures are also higher today as bullish sentiment continues to dominate the direction of the market. Concerns over tightness in supplies have seen prices remain near record highs.
Commodities are mixed. US personal income increased by 0.3% month-over-month in December 2023, aligning with market expectations and following a 0.4% advance in November. Personal spending in the United States grew by 0.7% from a month earlier in December 2023, following an upwardly revised 0.4% increase in November.
Brent Crude Oil fell 0.19% to 82.27 and Spot Gold Futures ticked 0.06% lower to 2,019.55.
The Dow Jones Industrial Average firmed 0.068% to 37,074.86 and the Stoxx Europe 600 Index was last seen at 483.52, up 1.09%.
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