Coffee rose 105 points to 104.10 in what felt like a monumental accomplishment given the horrific sentiment going into end of year. The early hours were familiar, with prices sliding ever lower before bottoming at 101.75 around 9am. 3 discrete blasts of volume gave the impression of at least one motivated sponsor, as ~400 lots showed up to support the market on the low, and 2 additional ~400 lot bids sent prices 150 points higher through sparse resistance ahead of 11am EST. All this irrespective of a 0.80% weakening in the BRL which gave up yesterday’s gains. London was the recipient of no such joy, falling $18 to 1504 as roasters accept length into weakness. Origin was noted, though not in the sort of aggressive manner that should account for the weakness. The arb closed just below 36c (H/H) while FH weakened to -27.
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