Arabica closed the week 108.40, +90, wiping out early weakness. The weak USD was a boon, and while KC has shifted into heavily overbought territory on the oscillators, aggressive selling has yet to appear. On a weekly basis prices appear to have made a convincing breakout, posting the highest weekly close since May 8th on both the KCU & KC2 charts. Volume was strong again, a second consecutive day of high turnover inside a relatively tight range for the size. U/Z again disappointed, weakening 10 points to -2.90, while the rest of the curve tightened, Z/Z in to -6.20. Robusta gained $8, closing the week 1358, the highest weekly settle on the continuation chart since January 3rd. Funds covered an astounding 15,584 gross shorts in London, the second largest 1 week change on record.
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