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Posted by Tango
on February 11, 2019, 7:39 am
Robusta opened with selling and immediately bounced back to a 1538 high where it has mostly remained. The arb is 32.64 last. Arabica hit opening bids and defined the day’s range until the $ weakened when a new high was made. The $ is strong once again and the market is now pressured, though all in a narrow range. The depth of market is unremarkable on either side in March but scattered bids are present in the forwards including 210 lots in Jul20 at 122.00 which is equivalent to 101.45 in March based on current spread values. What 8:00 will brink is uncertain. There may be residual option activity. We know however that most of the volume will consist of spreads. The MarMay began trading at -3.00 and is now -3.10-3.05 with an OI from last Thursday of 91,190 lots in March. All major currencies and EMs are lower against the $. USDMXN Is 19.251 +.0507, USDCOP is 3114.39 +.84 and the USDBRL is 3.7400 +.0110 +.30%. Bonds futures are slightly lower and all metals are down for the day. Crude is lower with all the softs while equities are higher.