More seepage for KC, closing down 215 points at 100.10 as unabated fund selling continues. Arabica prices traded below $1 for the first time since the September contract went off the board and the 9820-9860 rollover gap was formed. Since November 30th , open interest has increased 11 consecutive days to the tune of 27,228 lots and judging by today’s action, tomorrow will bring a 12th day of increases. The last time the market traded below $1, funds were short in excess of 100,000 lots and basis last Tuesday held a net short of 55,103 lots. Open interest has since increased 9,928 lots. A lack of conviction that funds are finished adding shorts, has, along with the year wind down, discouraged those buyers who otherwise might be more aggressive from a price/value perspective. London suffered a 13th lower high however, on the bright side, held the low of 13 days, settling with an $8 gain at 1478 basis the March contract.
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