Arabica settled down 285 points at 97.35 amidst the background of a weaker softs complex as Sugar, Cocoa and Coffee, in that order, fell to the bottom the CRB index. Chart wise KC traded an outside reversal lower with a settlement below the lows of Thursday and Friday, setting a negative undertone to the start of Carnaval week. Open interest increased by 4,177 lots during Friday’s 175 point rally and while short covering was the logical expectation, 28,411 spreads traded could have muddied the waters of interpretation. London relinquished $13 to settle at 1521, its weakest close since the 22nd of January.
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