The Australian Government Bureau of Meteorology have reported that conditions within the Pacific Ocean remain neutral and with no evidence of either an El Niño or an La Niña phenomenon’s in play, which would indicate normal weather conditions for the pacific rim coffee producing countries.
The November to December contracts arbitrage between the London and New York markets broadened yesterday; to register this at 35.20 usc/Lb. This equates to 36.96% price discount for the London Robusta coffee market.
The Certified washed Arabica coffee stocks held against the New York exchange were seen to remain unchanged yesterday; to register these stocks at 2,363,532 bags. There was meanwhile no change to the number of bags pending grading for this exchange; to register these pending grading stocks at 6,617 bags."
AT is favorable for 1 hour and less. However it is still less favorable on the daily view. I redrew my Fibo (by removing a setting on roll over).
Resistance for December contract:
Pivot Point daily: 95.475
Fibo 61.8%: 98.32
It remains to be seen how the market will react to the the last 2 days before the FND
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