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Tango, based only in fundamentals I believe market has more room to reach much higher levels. In my opinion if you consider 21/22 and 22/23 crops, Brazil lost from its maximum potential almost 20 million bags and I canīt see except Vietnam, other origins responding in production. The issue is just beginning because Brazil might ship well next one or two months but then numbers would start decreasing rapidly. Believe it will be one of the tightest situations in terms of world stocks over next 2 years since all Government stocks here in Brazil are gone.
My doubts are on the technical side of the equation, macro, correlation with currency, demand. You guys are the ones to try to respond it better.