Daily Coffee Report - 05/24/2024


Coffee Closes Firm Ahead of the Long Weekend


Arabica coffee futures closed higher on Friday at the end of slow session. The reference contract for July delivery closed 260 points higher at 218.25 cents per pound. Without further fundamental news, the price action was mainly motivated by technical factors. The consolidation and support against the previous session's lows generated speculative buying and short covering. The open interest rose 3,510 lots as of yesterday, revealing a substantial rise in short positions stablished by players who had anticipated further declines after the market failed against resistance levels. The nearby structure firmed again on short covering. During the week, Arabica prices climbed 11.65 cents or 5.63%.  The Robusta market continued to support the “C” market. The lack of enough rainfall in Vietnam remains raising concerns amid traders.

Arabica certified stocks decreased by 30 bags to 774,686 bags. Pending grading increased 1,780 bags to 23,980 bags. Today no grading was done.

COT (CIT) Non-commercials increased their long position by 1,134 lots to 55,670 lots long and decreased their short position by 238 lots to 14,293 lots short, with a net long position of 41,377 lots in the week to May 21st.

Robusta July contract settled at $3904 with a 3907/3810 range. A positive inside day with a lot more commercial activity than seen of late. Flat price still continues to be dominated by speculative activity, but it seemed some commercials had an axe to grind prior to the long weekend. Volumes were extremely low less than 6k lots traded on the most active Jul24 contract. Structure continues to operate within the recent range, Jul/Sep saw a 78/88 range on 2.2k lots. Robusta Jul24 3000 put traded 1250x @ 5, Robusta CSO Jul24/Sep24 110 call traded 800x @ 15/16

On Monday May 27, London and New York markets will be closed on holiday.

At the time of writing

USDBRL 5.1491 -0.03%

USDCOP 3867.4 +0.98%

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