Arabica Coffee Futures settled lower on Monday, with the active contract for December delivery falling 1.05 cents at 140.35 cents per pound. Volume increased to 40,645 lots. Resistance was found near the 200-day moving average (143.45), and failure to break through prompted liquidations. From a technical standpoint, today’s negative settlement marks a reversal day on the chart. Confirmation would consist of a consecutive negative day, which could be enough to invert mid-term oscillators. In fundamental news, the dry conditions in Brazil continue to worry participants. Dry weather is expected to continue across Brazil's coffee belt for the next 6-10 days. On Wednesday, the US Fed rate decision might bring volatility to the commodity and currency markets.
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