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Posted by Tango
on January 8, 2020, 7:04 am
Robusta opened with selling and was weak until Arabica opened which was steady and traded above settlement. Both markets are now lower. 120.00 general level remains a level of support partly which is provided by Fridayís Feb option expiration. Itís a light open interest with the highest concentration of puts, around 1,800 lots at last look, at the 120.00 strike. Any dip below this strike will encounter some buying as puts become short futures effectively. Yesterday funds seemed to be sellers and likely they will resume their program at 8:00. The remaining sectors, other than commercials who will be buyers on weakness, are wild cards and can change market direction one way or the other.
The $Index is higher with all the major currencies lower. The BRIC however, are all higher against the $. USDMXN is 18.835 -0.0630 (-0.3334%), USDCOP is 3,272.25 +11.25 (+0.34%) and USDBRL which closed at 4.0675 is valued at around 4.0625 on the CME.
Bond futures are lower, equities are mixed and metals are higher with Palladium well above 2,000.00. Sugar is higher with cotton and cocoa lower.
KC remains under slight pressure