Morgan Stanley Coffee Report - December 6'17

KC put in a 175 point performance while settling down on the day yet failed to react positively to a 3rd day of gains in the Brazilian real, courtesy of positive action reported on pension reform.  Short term systems turned sellers on the opening as the 12850 uptrend line of support was breached but overall participation was unenthusiastic. Prices meandered about for the rest of the session finding some willing spec buying interest as prices approached 12700, if only for having bounced to 13300ish following the last two times traded.  London settled with a respectable $35 rally in Jan while the Jan/Mar spread  gained $8 to settle at 10 over on 2,238 lots of volume.