Arabica Coffee Futures consolidate in the lower range of this week lows. The main contract May24 found initial support at 181.70 and lifted rather quickly to mark the high at 184.05 in the first hours. As the NY market came in resistance was found at the 183.50 area slowly testing lower on the second half of the session marking a new low for the week at 181.25. After various attempts to the downside with no further strength the market decided to test the resistance above successfully trading above 183.50 and making a new high at 184.20 before closing the session with a settlement 120 points higher at 183.85 cents per pound. The switch K/N also pick up in the last minutes for a settle 20 points higher at 1.60. The volume was sluggish for a major part of the session but turned slightly moderate towards the close with a total of 37,934 including 11,204 switches. Certified stocks increased 9,718 bags to 467,825 bags. Pending grading decreased by 10,348 bags to a new total of 161,723 bags. Graded on Thursday a total of 20,793 bags: 9,718 passed (6,348 BR, 285 NI, 3,085 PE) and 11,075 failed (10,515 BR, 285 NI, 275 PE).
Robusta May24 contract settled at $3277 +17 with a 3325/3251 range. Market probed higher early in the sessions but struggled to keep hold of those gains with very little follow through buying. Commercial activity was light on the buy side with origin selling seemly totally absent. Volumes continue to sit on the low side of average with only 6.8k lots trading on the May24 contract. Structure continues to operate within the recent range, May/July traded 2.6k lots with a 90/119 range. Robusta Sep24 2300 put traded 1000x @ 18.5 avrg.
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Arabica futures settled lower today in a session with regular activity. The most active contract for May delivery closed 325 points lower at 182.65 cents a pound. The market was pressured by spec selling encouraged by the weak technical actions. After the opening, timid gains failed to attract solid buying, evidencing strong resistance against the previous session’s highs. The K/N was also under pressure losing 40 points to end at 1.40 cents. Another increase in certified stocks to the highest level seen since October was a bearish factor today. A close eye is being kept on Brazilian weather, with the most recent forecasts calling for a dryer pattern of weather, which could potentially impact the final stages of development for the new crop. However, dry weather will become beneficial in the coming weeks as harvesting begins in the main Robusta producing regions and from late April into May for Arabica. Cert stocks added 7,380 bags for a total of 458,107 bags. Pending grading declined 8,352 bags to 172,071 bags. Graded today 18,770 bags. Passed 8,605 bags (BR 8,320; NI 285), Failed 10,165 bags (BR 7,791; IN 639; NI 570; PNG 320; PE 845).
Robusta May24 contract settled at $3260 +74 with a 3324/3233 range. Flat price faltered with a lack of follow through buying. With no fresh fundamental news and a down tick in momentum it seems the specs were trimming long positions into very little commercial buying. The weaker structure also triggered some long liquidation, May/Jul saw a 94/118 range on 1k lots. Flat price volumes have also fallen with only 6k lots trading on the most active May24 contract. Robusta Jul24 3000/May24 3250 diagonal putspread traded 500x @ -3. Robusta May24 3200/3100 putspread vs 3243Δ14 traded 400x @ 40. |
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