Arabica Coffee futures for December delivery closed unchanged on October 27th at 117.30 cents per pound.
Spot contract opened 40 points higher, and reached a high of 118.45 cents per pound, however news of continuing rains in the south of Brazil, published by Somar, pushing prices down and reaching lows of 116.60, 30 points higher that yesterday’s lows. Nevertheless, MDA Weather Services reported today that the central coffee regions of Brazil and Indonesia are still “quite dry” and crops will remain stressed. The Brazilian real showed little change, trading at BRL 3.9030 at 3:15pm EST, while the Colombian peso closed a COP 2,948.46. Open interest increased by 2,855 lots to 191,727 lots. There was an overall down move in the commodities sector, sparked by the sharp fall of crude oil. In addition,the market awaits tomorrow’s Fed’s decision tomorrow regarding interest rates. The general consensus believes that rates will remain unchanged, putting further downward pressure on prices. Prices managed to
reach positive territory towards the close, converging to yesterday’s closing price.