Arabica started the shortened trading week with a technically inspired spark, to settle with a 275 point gain at 96.05 basis July. Basis the second month chart the intraday high of 98.70 was the best since April 4th’s 99.40 pinnacle, and the 98.30 settlement was the highest since 98.50 on the 8th of March. It was the first time the market traded above the 100 day moving average (98.53) since the 1st of February, as systems funds proved the best buyers on the day, and prices rallied despite a BRL trading softer than where it was when we closed on Friday. The assumption that buying was short covering will be a curiosity that is hopefully satisfied on this Friday’s COT, especially since last week as the market rallied, the gross non-commercial long increased by 3,324 lots, while the short actually also increased but only by 452 lots. London settled plus $4 at 1372 and while it did not keep up with NY managed to close at its highest level since the 15th of the month. It’s refreshing to have some superlatives to mention.
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