May Arabica fell 85 points to settle 101.45, a fresh contract low (100.60), closing the December 19th KC2 rollover gap in the process. H/K blew out to contract lows as well, widening as far as -3.70 intraday before closing -3.60 as volume slipped sub 13k as the index rebalance passed. Few have expectations of a motivated stopper due to the RCA implementation in May unless significant further weakness materializes. The Brazilian government announced a pension bill proposal raising minimum retirements ages to 65 for men and 62 for women which now needs to be approved by congress. Initial BRL response was positive as the currency posted an intraday move from 3.79 to 3.71. Robusta boasted surprising strength, buoyed by heavy industry buying down the board, closing $3 higher to 1537. The final 45 minutes of London trading was spotty yet strong, with few motivated sellers noted.
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