Coffee Futures Extended Gains and Settled in New Highs
Arabica coffee futures began the day making gains aided by the dollar’s weakness in the early hours. The NY market continued to add to the momentum after the OI showed yesterday's activity as the addition of new longs. An additional factor of today's volatility was the expiration of Oct24 options. The weather forecast for Brazil continues to show rain arriving on Sunday this weekend in the southern area of Paraná and São Paulo. The further outlook shows minimal rain accumulation for September 27th in Minas Gerais. The Sep24 contract remains with 56 lots of open interest and LTD is fast approaching next week on Wednesday along with the so-waited FOMC interest rate decision. The switch Z/H gained 60 points with a settle at 3.00 and a high of 3.05.
COT (CIT) Non-commercials decrease long position by 577 lots to 53,014 lots long and decreased their short position by 560 lots to 13,930 lots short, with a net long position of 39,084 lots in the week to September 10th.
Robusta made new highs, the Nov24 contract easily adding 101 points after breaching the previous high at 5180 from the last session of August to the new high at 5281. The Sep24 contract LTD is the 24th of September, and the contract still has 622 lots of open interest. Last night, 20 tenders were added for the Sep24 delivery period to a total of 2671. The switch Sep/Nov has been on a lateral move today just a little wider with a range of 400/434 as opposed to the Nov/Jan switch that made more gains with a high at 277 and a settle at 269
At the time of writing:
USDBRL 5.5690 -1.04%
USDCOP 4179..0 -0.74%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
40,713
ICE Robusta
Volume:
12,510
Brazil Arabica
Volume:
1,273
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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