Coffee Markets Bounce
Arabica coffee futures closed firm today most likely on spec short covering among other factors. The reference contract for March delivery at the ICE New York exchange, settled 690 points or 3.6 % higher at 193.85 cents a pound. Short positions accumulated during the previous session were pressed to cover as prices climbed sharply after the opening. The Open Interest increased by 2400 lots as of yesterday reflecting the new shorts partly responsible for yesterday's fall. The nearby March / May switch firmed again to settled at 4.40 cents premium (+ 115). The weather in Brazil continue to add concerns. Despite some recent rains, analysts observed that they have occurred mainly in the northern half of the areas. Also contributing to the bullish sentiment was congestion in Brazil's ports due to a lack of containers reported by local sources. Certified stocks decrease by 5,130 bags to 249,206 bags. Pending grading added 9,430 to 73,708 bags. No grading today. COT (CIT) Non-commercials increase long position by 2,280 lots to 51,416 lots long and decrease their short position by 1,832 lots to 18,051 lots short, with a net long position of 33,365 lots in the week to January 23.
In London the Robusta contract for March delivery closed $18 or 0.5% higher to $3269 a ton, after trading in a 3325 – 3246 range. Concerns about tightness continue to support the bullish sentiment. Producers in Vietnam remain to hoard stocks waiting for higher prices. More ships transiting in the Suez Canal were diverted to go around the Cape of Good Hope following more attacks from the Houthis terrorist group.
At the time of writing
USDBRL 4.9129 -0.12%
USDCOP 3911.5 -0.71%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
48,577
ICE Robusta
Volume:
27,130
Brazil Arabica
Volume:
793
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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