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Posted by Tango
on November 1, 2019, 7:25 am
Robusta again opened with buying but did not respond to Arabica strength in the early minutes. The market has been quiet since and trying to recapture the 102.00 and higher. Yesterday the buying was intense and was able to prevail over the heavy selling and ignoring the weak Real. Forward selling was present. The OI has been showing us a mix of activity both new and liquidation. The market is already difficult to gage due to roll conditions. Friday adds to the unpredictability. The depth of market is balanced and buying has been dominating to the NY opening.
The $Index is lower as major currencies are mixed. The Yuan is trading either side of unchanged and other BRIC markets are mostly higher. USDMXN is 19.2018 -0.0262 (-0.1363%), USDCOP is unchanged at 3377.00 and USDBRL closed at 4.0174 and is 4.0215 on the CME.
Bond futures have been steady and are now lower. Equities are slightly higher and metals are close to unchanged. Crude is higher together with cotton while sugar and cocoa are a tad lower.
The market is making new lows for the session.