Arabica gained 50 points, 97.40, while posting a higher high, higher low after consecutive inside days. Day 2 of the index roll saw another tick higher in U/Z, reaching -3.35, yet ultimately settled a tick wider at -3.45 in a slightly abnormal second day weakening. Total spreads were light for a roll period, though the prompt U/Z was fairly good size at 21,708. It appears that a fair number of spreads were prepositioned, as yesterday’s OI drop of 8863 lots was larger than the implied outright volume indicating chunky structure plays were in place. 1560 U EFS were posted, along with 60 in H and 1500 in K, possibly signaling a roll of financed positions out 2 to 3 positions on the board. London gained $10 to settle 1312, even as Robusta traded a sub cent range again (1300 / 1318). U/X closed unchanged at -26 on 6015 lots.
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