The twin impacts of 200DMA resistance and generalized risk off as tariff impacts come into view with corporate earnings conspired against coffee, 111.90, sending it 125 points lower after an admirable European session. An opening gap was closed by mid-morning US time as the BRL opened weaker – itself a victim of global sentiment. Robusta again garnered Vietnam selling even as CTAs buy alongside roasters, pressuring prices in the early hours, though the final print was a modest $6 lower at 1698 basis F9. The futures and structure seem to be mutually exclusive as to which will perform well, and even as outright prices climbed steadily higher for the final 2 hours of the London session, XF closed a tick off its low, settling -16 in a -4/-17 range.
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