Coffee again fell to start a week, the 11th time in 14 opportunities to date. Prices slipped 240 points to settle 92.10 closely following the DXY, although no one appeared to credit the currency. Day 1 of the week / month / quarter notwithstanding, the setup was primed for a positive session that didn’t materialize. Risk assets were well bid after a strong Chinese PMI print (alongside that of other Asian EM), boosting equities, emerging markets, and most commodities. The BRL tightened nearly 1.5% as well. No other commodity came close to matching KC for incompetency; the 2.5% selloff was distantly challenged by gold, which was -0.45% at time of writing. Perhaps not coincidentally, the oil markets topped the leaderboard +2.45% (WTI) and +2.05% (Brent). K/N posted heavy volume ahead of Friday’s index roll commencement, trading 17k+ times in a -260 / -245 range before closing -250. After the COT reflected record non-commercial spreading, a 36k+ aggregate spread day seems appropriate. Robusta withered in-line with NY, albeit at the slower pace it is noted for, closing down $38 at 1418. The front month K/N spread weakened $4 to -19, perhaps in itself a primary example of the sentiment around coffee.
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