Following a 2 day sell off, New York and London recovered nicely as the Robusta market took the lead, while N.Y. initially went along for a sympathy bounce which attracted momentum buying and traded to a new intraday high post London’s close. A market largely dominated by system spec flows, has found fresh directional coffee fundamentals scant, while finding support from a weaker dollar overall, and specifically a recovery in the Real. The Brazilian currency ended a 3 day decline after falling the most in a month on Tuesday, encouraged by the government assuring investors its 2017 fiscal goals are achievable. Technical related buying emerged smack at the 13345 uptrend line of support and today’s 415 point rally placed the settlement back above the 100 day moving average. The market has failed to settle above the 200 day average since the 23rd of February, which at 143.58, 5 cents above today’s settlement, is worth keeping an eye on.
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