Coffee Futures Settle Above Recent Lows
Arabica coffee futures opened with the momentum from yesterday at the close of the session, making the high for the Dec24 contract at 248.90 at the open today. Arabica battled the remainder of the day above and below the 246 area with further support towards the second half of the session where the market pushed above the 50-day moving average today at 248.05. The main contract Dec24 settled +3.55 at 248.20, slightly above the 50-day moving average without confirmation of the previous day's weakness towards the area of 235/241. It would appear the path of least resistance would be to test the 251.50 area; traders would be attentive to a second consecutive close above today's settle or if we end the week above 251.50 to hold the longer-term trend. The EUDR had some traction today but still nothing concrete. The dollar Index continued to consolidate in the recent highs while the Brazilian Real and the Colombian Peso were weaker. The Switch Dec/Mar continues to drive closer to the next support area at 1.00 today with a low at 1.20 and a settle -0.40 at 1.30.
Robusta despite the continuous draw from the certified stocks today with another decrease of 31 lots to a total of 4,253 lots, it seemed to encounter resistance for the Nov24 contract below 4,900. The London market's main contract is Nov24 made new lows at 4,821 near the lower Bollinger band and the support at the 50-day moving average today at 4795. With only 13 sessions left before FND the switch Nov/Jan had the most activity with 8,062 lots traded out of the 9,791 total switches traded, making new lows at 164 and a settle of -36 at 172.
At the time of writing:
USDBRL 5.5333 +0.68%
USDCOP 4,231.00 +0.39%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
35,216
ICE Robusta
Volume:
24,537
Brazil Arabica
Volume:
564
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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