Arabica closed 102.10, -50, giving away an early opportunity to gain some ground. It would be fair to say action was dull, posting another small 140 point range, with volumes never exceeding 205 lots in a minute’s time (basis active KCH). Options continue to be the preferred avenue for expressing a grudge with the price, led by 1300+ K 100 Puts. It would appear some of the risk premium entered over the prior week has slipped back out as implied volatility continues to soften; generic 50d fell from 34.25 on Friday to 29.7 on today’s settlement. Robusta settled 1527, -10 two ticks off the low. There probably isn’t much to say about a market that trades in a 11mt intraday range while settling in the middle of the dreary 1 month range. A modicum of excitement was posted in options where paper sold 1850 K 1700 C, and the H 1550 strike remains a focus in both the call and put.
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