Arabica, 104.70, -65, closed lower for the 8th consecutive session, posting a 3rd lower low, lower high, and settling below 105 for the 3rd time in a decade. While specs were likely the key aggressor on the day, encouraged by the combination of momentum and renewed BRL weakness as the centrist candidate struggles under the weight of familiar corruption concerns in advance of tonight’s Presidential debate, origin played a role in the damage as well with both Brazil and washed origins apparently stopping out physical longs. The low of 103.85 was unsurprisingly accompanied by an uptick in outright volume – the heftiest of the day – as prices cracked the old 104.15 double bottom. London closed $36 lower to $1560 as the structure remains the prime event. U/X closed at its all-time high, +83, with shortness in Vitoria container availability and a multi-month backlog of Coni shipments suggesting rescue might be further down the road.
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