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Re: No real Fundamentals to justify this exaggerated rise up to 11 Sept.
Good morning. Great comments by all. Itís great to have a window into the physical market. I feel that the market has changed in the last few weeks as index and other funds brought the market up to the levels that we saw. Several financial reports suggested that commodities were the next investment vehicle for macro reasons that we all know, interest rates, rising debt, weak $, etc. I have no convictions about direction for now but it seems to me that the avalanche that we are seeing in coffee, which is continuing today, is not dissimilar to what we have seen in other markets lately, especially metals, crude and equities. Fundamentals canít be discounted but itís obvious that specs are heavily involved as well. Hopefully, if my characterization of the market is correct, then we should see the market turn higher from current levels. For now it feels heavy.