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Posted by Tango
on August 5, 2019, 7:14 am
Robusta opened with selling followed by Arabica which also opened with selling, but it appears that resting bids were present prior to the opening well above Friday’s settlement. Since then weakness has prevailed. Front month depth of market is thin right now on either side. Resting forward bids are scattered. As has been the case for the last few weeks, 8:00 has brought mostly selling but we will see if the COT has provided a clue to the possibility that fund selling is limited. The pattern of fund trading has changed in the last couple of months. For now the market is on the defensive.
The $ is lower mostly due to a strong € and ¥ but the Real is also lower. USDBRL closed at 3.8856 and the CME shows a value of 3.9381. Maybe someone can confirm its true current value. USDCOP is unchanged at 3382.25 and USDMXN is 19.562 +0.263 (+1.36%) following the lead of a weaker Yuan. Other EMs are mixed. Equities are lower and bond futures are higher. Metals continue to soar, except for copper. Crude, grains and all softs are lower especially cotton.
Global markets are obviously affected by the negative trade environment that exists and coffee is no exception.