Arabica was buoyed by spec buying, settling 99.65, +230, holding on even as the DXY strengthened late in the day. At the time of the close KC stands at the top of the BCOM leaderboard, where it was joined for much of the day by Sugar – 2 of the worst commodity performers yesterday. Media reports gave fair credit to a prominent bank report which raised price forecast from $1.10 to $1.20, a reasonable 11c premium to the back end of the curve. While it couldn’t have hurt, it is an open question how much risk allocation is driven by 3rd party opinions in today’s world. London continues to do ever so little, closing $6 higher at 1527 while trading in a sub 1c ($18) range. Volume in robusta fell short of 10k lots (inclusive of spreads), yet futures managed to close in the green on little volatility even while trading to the lowest levels intraday since Jan 23.
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