Coffee Traders Forum
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Posted by Tango
on May 7, 2020, 7:04 am
RC opened with selling and since then the market has recovered slightly and flatlined. KC opened around 1.5 c lower and has been under slight pressure. Yesterday volume was low but spread trading was present across the board but it was mostly unrelated to commercial activity. Current factors in the market seem to be good physical demand, disruptions in coffee supply chains and continued issues taking place in the Brazilian government. However, the presence of investor activity has been reduced. For now we have a quiet but mostly steady market with a great deal of resistance and a growing lack of interest. Tomorrow is option expiration.
Key currencies are mostly weak and rendering a higher $Index. BRIC currencies however are higher with the exception of the Real. USDMXN is 24.22 -0.133 (-0.5461%), USDCOP is unchanged at 3954.33 and USDBRL which ended at 5.7140 is now 5.8089 on the CME, +.0949 (+1.66%).
Bond futures are around unchanged but trending lower. Equities are sharply higher and gold is higher as well. Crude and grains are higher and the softs are all higher.