The latest Commitment of Traders report from the London Robusta coffee market has seen the Speculative Managed Money Sector of this market decrease their net short sold position within the market by 34.47% over the week of trade leading up to Tuesday 19th. November; to register a short-sold position of 21,630 Lots. This net short sold position which is the equivalent of 3,605,000 bags has most likely been further decreased, following the period of mixed but overall sideways trade that has since followed.
The December to January contracts arbitrage between the New York and London markets narrowed on Friday; to register this at 51.01 usc/Lb. This equates to 44.51% price discount for the London Robusta coffee market.
The Certified washed Arabica coffee stocks held against the New York exchange were seen to decrease by 5,553 bags on Friday; to register these stocks at 2,144,729 bags, with 87.3% of these certified stocks being held in Europe at a total of 1,872,677 bags and the remaining 12.7% being held in the USA at a total of 272,052 bags. There was a larger in number decrease to the number of bags pending grade to this exchange, by 12,375 bags; to register these pending grading stocks at 52,446 bags.
The London market ended the day unchanged from the previous days close, while the New York market ended the day on a modest negative note, and with 48.15% of the earlier losses of the day intact. This close does little to inspire confidence and one might expect the markets are due for little better than a hesitant steady start for early trade today, against the prices set on Friday, as follows:
LONDON ROBUSTA US$/MT NEW YORK ARABICA USc/Lb.
JAN 1402 unch DEC 114.60 – 0.65
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