Coffee spent the bulk of the day under structure and macro induced pressure, and most had resigned themselves to more chart damage as KC posted fresh outside day low. However, late day coffee & sugar buying showed up in an extreme instance of bot on bot violence, sending prices soaring towards positive territory for an eventual settlement of 116.65, +.35. The velocity of the move, paired with little popup selling into the late rally, suggested a lack of motivation on the part of discretionary players to fade relative strength. For as little apparent human action as there was in futures, options suffered even more with paper interest in the U 200 C approaching 1000x the only real trade of note. Z/H closed -4.30, 60 points wider 2 dance ahead of FND. London closed before the KC/SB spike, thus missing out on a sympathy bounce, and fell $14 on the day to 1632 in choppy trading. The BMF is closed tomorrow for coffee, though the spot FX market will trade.
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