Arabica (114.80, -.25) closed a mixed day lower, yet posted a second higher high, higher low in the process while consolidating the prior two day’s gains. Discretionary buyers seemed emboldened, both speculative and hedgers, as roasters chose to extend already long positioning into shallow dips and trade/managed money/systems all contribute to the cause as well. Origin was noted in drips and drabs throughout – albeit in less than impressive volume from our vantage. Curious trading appeared moments before the settlement period as a 1000 lot sale overran bids ever so briefly. KC proved resilient however, with the final intraminute print a single tick above the initial price for good measure. Whether a statement trade, error, or clumsy execution will be forever unknown. The VWAP for the day matched the settle – both coming in at 114.80, 30 points above the final print. London closed the day up $10 at 1705 with OI remaining robust in the front month / delivery period July contract. Certs have ticked higher by a few lots in recent days and do not appear to be an exit plan. N8 traded a mere 2 lots on the day, both as part of the spread as the standoff continues. N/U settled +85, unch.
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