What a difference a year makes in the coffee market. One year after the U.S. presidential election and the market posting a 22 month high of 17955, KCZ traded in all of a 170 point range with the day’s low 3 cents above last Wednesday’s 5 month lows. Last year funds were carrying record net and gross long exposure, while today they are carrying a record short. About the most exciting part of the action in today’s outrights was the market taking out the double top formed against yesterday’s highs of 12580 by all of 10 points on the close. Total volume was 71,068 lots, the bulk of which was accounted for in 31,890 spreads traded. Dec/March traded 19,693 times and held steady at 345 under. Robusta in the meantime traded by $1 to its lowest level traded since August 25th 2016, and has traded a lower high for 8 of the past 9 sessions, the exception being the Nov 2-3, 1877 double top basis the January contract.
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