Arabica eked out a single tick gain, settling 103.40 in a choppy 170 point range. Early hours risk-on did little to boost KC, and with a softs basket sell off around 8:15am, coffee seemed poised for a painful spill. However, it wasn’t to be and fund buying into weakness boosted prices to theretofore intraday highs. Ultimately, price went up, down, up, down, up, down, up before deciding to do nothing, with the commitment to a direction as in doubt as the next month’s rainfall. Robusta charted a similar path – unsurprising given the heavy correlation – yet ultimately closed $7 higher at 1523. Volume continues soft in the London arena, yet continued paper call bidding drove 1250 lots of H 1600 Calls at 10.
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