Robusta began with buying followed by Arabica. The market slowly rose and took off above 108.00. There may be one or more reasons for the strength, winter weekend, macro, and weak $. Likely itís Friday with cold weather coming next week and next weekend. Whatever the reason there are plenty of shorts in the market in the form of outright and delta shorts. As we see, stops are present on the way up. The depth of market shows a build up of selling reminding us that there are longs as well. Yesterday, the market was quiet but the selling was intense. Yet it could not break the back of the buyers, mostly shorts. The market continues to be steady and is close to taking out 110.00.
Currencies are higher against the $ including the BRIC. MexPeso is lower however with USDMXN 19.213 +0.0351 (+0.18%). USDCOP is unchanged at 3,196.1499 and USDBRL closed at 3.9194 and is valued at 3.8180 on the CME. Gold and equities are higher. Oil and the softs are also higher.