Arabica lacked direction on the day, at times trading with the currencies, commodity complex, and even on its own(!!) ultimately posting a final print 15 points lower at 120.95. Volume was better than the energy in the market, which was lacking in positivity with irritable feedback from numerous directions – most notably but unsurprisingly origin & spec. Options were relatively quiet with what appeared to be the initiation of the familiar 110 / 100 PS, this time in KCU to the tune of 500 lots. One would imagine that trade will become familiar, likely paired with a CS in due time. Robusta had a clear sponsor, closing 1777 +22 as an undercurrent of buying fought off Brazilian offers throughout the session. Spreads again tightened, taking KN into a -23 settlement from a recent low of -30 only 4 days ago as London certs dropped 77 lots.
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