More of the mundane for the coffee markets as Arabica settled at 103.55 +25 points. Robusta traded in all of a $7 range, its smallest range since 2008, and managed to accrete $7 for a 1535 settlement. The dollar index posted an 8th higher high and low, as stocks soared encouraged by a potential deal to stave off another government shutdown before Friday’s deadline. March/May traded 22,194 times between 315 on 305 under in what proved to be another spread centric session, with 42,786 spreads and total volume of 93,497 lots. An inside session saw yesterday’s lowest low since the 3rd of January hold unconvincingly by 10 points, while reports of more origin selling dampened enthusiasm for the up side. Open interest fell by 4,373 lots and while the expectation is fresh fund shorts were added on the 230 points sell off, the mix of heavy spread action, and the possibility of catch up from Friday’s option expiration, muddied waters that are already downright sludgy given the lack of COT position clarity, courtesy of the government shutdown that ended the 25th of January. For the record, a rollover gap from 101.95 to 100.85 appears destined to be filled, and the closest unfilled gap to the upside 117.20-117.40, was formed 3 months, and what seems like a lifetime ago.
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