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Robusta COT Report
Posted by Tango
on November 24, 2018, 11:43 am
The market opened around unchanged, made its 1676 high in mid-period and dropped the following day to make its low of 1623 which was again touched on the last day to close at 1625. Activity produced an increase in OI as a result of commercial and managed money selling as swap dealers and large traders bought. Although the OI increase is the first in some time, activity was low. Reports that Louis Dreyfus is looking to increase their stock of “strategic” coffee may have provided renewed interest in the market. Not only have spreads become active but the arbitrage has been narrowing more than we would except relative to lower KC prices.
We have high Conillon crop expected for ‘19’20 and a high Vietnamese production for ‘18’19. There have been reports that many of the Vietnamese beans have been found to be empty. Possibly LeGrai and Tina can elaborate on the condition of the coffee as it’s being harvested. TIA