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Posted by Tango
on December 4, 2019, 7:13 am
Robusta opened with buying causing KC to open above settlement and above post close levels. Since then both markets have been drifting and KC is trying to recapture the 124.00 level. For now the market is soft but 8:00 has not been a disappointment as buying continues to propel prices higher. The arb is up to 59.22 and is normal for RC to lag. We have not had a serious correction and dips have been opportunities but feelings of skepticism and fear still exist.
The $ has been quiet and is slightly higher of major currencies which are mixed. BRIC and LatAm currencies are mostly higher. USDMXN is 19.5272 -0.0208 (-0.1064%), USDCOP is 3,500.3999 +0.40 (+0.01%) and USDBRL is 4.1932 -0.0131 (-0.3114%).
Bond futures are slightly lower while equities are higher. Precious metals are lower and oil higher. Sugar and cotton are higher while cocoa is lower.