KC closed the week in painful fashion, settling +.10, 121.00. While the plus sign was welcome to many, the win was marginal at best, having traded up to 122.80 shortly after the traditional NY opening hour. Sentiment was buoyant at that time, with traders seemingly happy to head into the weekend. However, as prices ground lower with very little commercial activity those moods grew gradually evermore sour, with the market being described as “dead,” defined by “attrition,” and termed simply by one as “yuck.” Spreads waffled in both markets with low volume. Robusta settled down $8 at 1751, a mere dollar off the low as end of day sellers mounted a final attack on the close. The 1751 settlement matches the 40DMA, and the 5 and 100 have a mere $48 discrepancy.
The net non-commercial position came in at short 58,554 lots…just shy of the record short of 58,960 and higher than most expectations.