What a wild week. KCZ closed 104.70, +320 – precisely the same level as last Friday. And yet, rather than a non-existent week, Arabica posted a traumatic one, as the $1 level fell for the first time since 2006. Origin is presumed to have done much of the damage into the lows, with stops being noted throughout Mon/Tues/Wed. With the necessary risk management done, prices rose back above the century mark, interestingly ignoring the BRL while doing so. The currency remains under assault by global sellers, trading to 4.13 intraday, and political risk should remain on the table through the October elections. A chorus of traders have asked wherefore art thou Central Bank, yet to date intervention has not materialized. Robusta continues to underwhelm in terms of participation, and much as it refused to keep pace to the downside, the upside to was below par, closing 1541 +10 as the arb widened to 34.80.
COT net non-commercial position came in at (-106,105).
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