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Posted by Tango
on May 8, 2020, 6:53 am
Because of the bank holiday in England, Robusta is closed today. Why we are delayed opening is unknown to me. In looking at the ICE screen, the market is expected to open unchanged. It is Friday and the market gained strength after hitting a low of 106.30 to end in the 109.00 area. Volume rose yesterday to 38,374 lots and consisted of EFPs in several months and spreads, some of which resulted from forward buying. If this buying is consumer, which it likely is, then it appears that this sector has raised their bids that were present below basis July at 105.00. Forward selling was light in spite of the Real weakness yesterday.
All key and BRIC currencies are higher against the $ this morning, except for the ¥. USDMXN is 23.9109 -0.1201 (-0.4998%), USDCOP is 3,918.00 +4.04 (+0.10%) and USDBRL which closed in the spot market yesterday at 5.8307 is worth 5.8089 on the CME, -.0235 (-.40%).
Bond futures are higher and steady. How low can rates go? Equities are also higher as are crude and metals. With a ratio of 109.51, Silver has become attractive. Grains are mostly higher as is cotton. Sugar is expected unchanged and cocoa lower.