Coffee Closes Firm
The Arabica coffee market closed higher today after a highly volatile session. The most active contract for July delivery closed 640 points or 2.9% higher at 226.85 cents a pound. Once again, the strength of Robusta prices drove the rise of the New York “C” marking. In an extension of Friday's action, prices were under selling pressure after the open. Contributing to the bearish sentiment, the COT data released on Friday also influenced the early trading as traders felt that the funds could be overloaded with long positions. The funds' long position has reached record levels of 68,839 lots as last Tuesday as reported by the CFTC in its weekly COT report. The strength of other soft complex raw materials added support. Cocoa remains firm trading above $11,000 per ton. Certified stocks fell by 15,105 bags to 624,545 bags. Pending certification rose by 1,675 bags to 66,079 bags. Today a total of 5,415 bags were graded. 5,130 bags (BR 855, NI 4,275) were approved, while 285 (NI) failed
Robusta Jul24 contract settled at $3949 with a 3975/3805 range. Market was dragged lower in the early part of the session largely down to the selloff in KC which seemed to be a COT reaction if anything. However, as the day progressed, we continued higher with a lot of the early shorts covering push prices higher. Once the US came online, we pushed through the highs and normal service resumed with limited commercial selling absorbing the speculative and roaster buying. Volumes were high with over 16k lots trading on July alone. Structure weakened with May/Jul trading 13/52 range of circa 6k lots. Robusta Jul24 3800/3600 putspread vs 3930Δ12 traded 1100x @ 79, Robusta May24 3500 put traded 1000x @ 1, Robusta CSO May24/Jul24 50 call traded 1000x @ 6
At the time of writing
USDBRL 5.1852 +1.31%
USDCOP 3883.7 +.067%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
85,742
ICE Robusta
Volume:
29,776
Brazil Arabica
Volume:
1,609
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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