Coffee closed -170 points, 102.60, settling on fresh lows for the week. Most of the session was spent tracking the BRL, although a rebound in the currency just before the NY lunch hour was ignored by coffee. The divergence really picked up around settlement time – notable as volumes have consistently fizzled in the final hour since the KC / RC timing recalibration. It is reasonable to assume the systems that would have bid up prices against the Brazilian currency had been turned off. Volume was driven by spreads as one might anticipate on Day 2 of the Index roll. H/K traded 26k+ times between -305/-290, settling on the even -300 line. Chunky EFS’s were also noted, totaling over 3000 on the day with 2525 in March. London continues slow, posting rare action while hewing closely to the Arabica chart. Robusta closed 1530, -17 as H/K slipped a dollar to -20 on 4k+ lots.
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