The ICE Arabica Coffee Market in New York recuperated today aided by strong valuation of the main producing
countries’ currencies. The December delivery contract gained 145 points, settling at 120.25 cents per pound.
Volume increased to 31,999 lots, helped by the rollover. The December-March switch settled at -3.30, without
much change. Prices were pressured upon market opening, following the rainfall report published by SOMAR,
the Brazilian Meteorology Agency; however upon lack of follow through below yesterday’s low, speculators began covering their positions. The Brazilian real recovered today, gaining over 2.5% or 1,000 points during the session. A wave of mergers and acquisitions supported the currency. The Colombian Peso also strengthened 3.3%, following the central bank’s decision to increase the discount rate 0.50 on Friday night. The market anticipated an increase of 0.25.