Arabica closed the day 111.55, -.50 in relatively quiet trading with robusta the focus. London finally began the process of reaching a denouement, with 4510 N/U trading mostly at +100. The identity of the short is of keen interest, although mostly from a gossip mongering rather than trading perspective. With expectations of spread strength continuing into the near future 3900 U/X traded, closing +5 at +15. This provided some support to the flat price which settled 1681, +9. An unimpressive futures rally on the surface perhaps, yet when one considers NY’s performance the light in which it is painted brightens a bit. It will be interesting to see at what price the roughly 3000 remaining lots are cleaned up in N, and whether the exchange will allow a bit more upside for the long considering the dearth of stocks and the risk they have borne.
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