Arabica lost steam after the BRL opened in the 340s, ultimately settling 117.60, -1.05. Early morning trading was nondescript, sliding slightly over the European session, yet the renewed weakness of the dominant producer’s currency was too much to ignore. The selloff was restricted to 3 distinct moments, each bookended by consolidation, and the day was largely uneventful outside of those times. From 8:45edt through the close KCK existed entirely within a 65 point range. While the moves that brought KC to its intraday triple bottom were abrupt, Robusta, 1709 -34, contented itself with a slow and steady wander to a steady arb at the time of London closing. The 100MA appeared to provide resistance basis RC2, yet by and large the market seemed to trade in sympathy with KC. Perhaps most notable on the day was the MOC K/N selling in Arabica, as the bid/ask went out -200/-195 after trading into -180 earlier in the day.
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