Coffee, 109.90, -1.50, began the day under pressure, succumbing to end of month selling at an abnormally early hour. From there the DXY / BRL once again took over and the intraday influence became as stark as ever. Spread volume was heavy as expected approaching the index roll, with U/Z changing hands nearly 14k times on the day settling unchanged. While outright volume was not particularly notable, bouts of intermittent selling (10:32edt, 12:56, etc) found willing prop buyers in a battle of wills. OI was something of a surprise, increasing 1401 lots on yesterday’s rally. Origin selling was better noted during that session than todays – quite understandable given the price action. Both Arabica and Robusta (1644, -16) again sit below all relevant moving averages, with London in particular hanging on to the LBB by $10. Prices over the pond traded in sympathy with NY, slower to fall after yesterday’s inability to keep up. The arb stands at 35.32.
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