Coffee (108.50, -80) again constrained its excitement to the spread where volume came in at 50,228 lots, led by 31,754 UZ. Once again outright volume was muted, implied around 5400 lots, on 175 points of intraday volatility. Rather amazingly U/Z alone saw a wide -300/-345 range as sellers pummeled the bids in size. In a familiar refrain the DXY dictated much of the day’s price, 8am weakness notwithstanding. With the COT coming to a close the parlour game continues; prices fell 400 points on the reporting week to the tick, with OI up 3633 (non-inclusive of today’s mundane trading). Anecdotally many are expecting the first 100k net CIT short, though to what extent that will stimulate interest is debatable. Brazil was quiet on the day – a departure from recent sessions, while roasters again added out as far as mid 2019 from our vantage. London slipped $4 to 1630. Structure remains the star as UX traded through 50 before settling 49 over on 6723 lots of volume. Like her sister market, the vast majority of volume remains in the spread arena.
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