Coffee slipped under its own weight, falling 185 points to 104.10. The market has now given back 83% of its rally (basis H) as it fails to attract significant value seekers before end of the year. The trade seems focused on excellent Brazil development and anticipated Centam selling in short order, and treads lightly ahead of perceived fund aggression – thus largely removing a likely buyer-in-aid to industry. Unlike recent days macro considerations seemed to play little role in the weakness, as the mere paucity of determined buyers was enough to let prices trudge ever lower. The ever exciting H/K recovered from intraday weakness (-3.35 low) to post a positive performance on heavy volume, settling -3.10 on 10.5k lots. Robusta appears to be marked by a similar unwillingness to stand before apparent fund selling and a heavy balance sheet, and prices fell another $12 to 1533. The spread traded in fair volume, 3400x, before settling $3 weaker at -21.
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