The New York coffee “C” market closed lower for second consecutive session as spec liquidation continued. The active contract for September delivery settled 295 points lower at 153.25 cents a pound. The volume of transactions declined as the July position approaches the FND next Tuesday June 22nd. The active
July / September switch has been trading steady inside a narrow range, disappointing participants that were expecting more volatility. The market fell under the spec selling, as the weak technical outlook discouraged bargain buyers for the moment. After the breach of the long-term trend, prices need more development to
define a corrective move or a change of trend pattern. For the September contract, support now is at 151/150 area and resistance is at 159 /160. The weather in Brazil began to turn cold. Some areas of Minas Gerais registered temp of 4 C. No frost is expected for the next 6-10 days period.
US Green coffee stocks rise by 52,571 bags to 5,815 138 bags at the end of May. Last year GCA Stocks increased by 300,253 to 6,818,120 bags. The five-year average variation is an increment of 197,000 bags and a level of 6,645,049 bags.
Robusta settled at $1600 per ton up $4 ref Sep, Market held the previous day low at $1581 finding resistance at the 8-day moving average closing slightly positive as oppose to Arabica. Unable to continue yesterday downtrend market finds itself in a tide range between the 20 day moving average as support and the 8 day moving average as resistance with levels of 1579 and 1607 respectively. Volume was light with 13,795 lots including 4,311 switches.
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