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Posted by Tango
on December 5, 2018, 7:21 am
Robusta was under pressure at the beginning of the day but has recovered in quiet trading leaving the arb at 34.52. Arabica has had has several moments where buying came in but having little impact on prices. The depth of market is void of any size in either direction but we see that this is not the case on either weakness or strength. The market continues to be on the weaker side with some exceptions. Presently it is too quiet to get a strong feeling about but it is more on the steady side. There are reports of warming in the Pacific that may intensify El Niño. How it pertains to coffee specifically is uncertain. Bond futures are steady and the $ is on the weak side but major currencies are mixed. EM markets are also mixed with the Yuan and the Argentine Peso down as most other markets are higher, USDMXN is 20.4415 -.0655, USDCOP is unchanged at 3174.20 and USDBRL is 3.8368 -.0156 -.40%. Equities are recovering after yesterday’s sharp drop. NYSE is closed today and a moment of silence will take place with our market in honor of George H. W. Bush. Metals and oil are slightly lower. Sugar and cotton are higher while cocoa is lower.
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