Coffee Futures Suffer Sharp Fall
Arabica coffee futures extended losses on Friday as funds continued to exit the marketplace. The most active contract for July delivery settled 5.35 cents or 2.6% lower at 200.75 cents a pound. The open interest dropped 2,723 lots yesterday, reflecting the exit of funds. The Arabica market lost 23.25 cents during the week or 11.4%, the largest weekly loss since July 2021. The specs selling have been triggered this week, as the important levels of support have been violated by the prices. A general weakness of the commodity complex adds the bearish sentiment. Arabica cert stocks increased by 7,142 bags to 689,178 bags.
COT(CIT) NY Arabica . Non-commercials cut net long position by 1,728 contracts to net long 48,973 in week to April 30.
In London, the Robusta market closed sharply lower. The active July position settled $139 or 3.6% down at $3,541 per ton. A hefty fund liquidation pressured the market that lost 18% from last ‘s week historic high. Overbought conditions and reports of some rains in Vietnam caused the selling. This has naturally seen the algorithms track momentum lower trigger stopped a key resistance areas and eroding heavy roaster buying on route to the intraday lows. Technically outlook would still allow further losses, but participants will focus on oscillators nearing oversold conditions as we touch the lower Bollinger band averages.
At the time of writing
USDBRL 5.1115 -0.02%
USDCOP 3899.0 -0.02%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
52,580
ICE Robusta
Volume:
20,790
Brazil Arabica
Volume:
772
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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