Coffee Traders Forum
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Posted by Tango
on May 4, 2020, 7:00 am
The market is at the low of a narrow range and remains quiet with 105.00 once again the focus. The depth of market is thin and balanced in July and Sep and thickens on the buy side going forward. 8:00 can bring either buying or selling with it as funds and swap dealers may or may not continue to sell. The report from Pham states that the supply chain in Viet Nam is not hindered by the corona virus and so coffee is flowing there. The theory seems to be that speculative short selling is taking place in anticipation of an interruption in the flow of coffee. Of course, commercials remain strong buyers.
Most currencies are lower against the $. USDMXN is 24.679 +0.1109 (+0.45%), USDCOP is unchanged at 3,951.50 UNCH (0) and USDBRL shows a close on Friday on the CME of 5.5909 and this morning is at 5.5988, a change of +.0079.
Bond futures are higher and steady while equities are sharply lower. Crude is lower and grains are sharply lower. Softs are all lower as well.
KC is now trading at the top of the range as buying suddenly emerged.