Arabica, which opened on the low’s yesterday, started today out on a new highs for the move and following 3 days of gains, settled lower at 117.65 down 170 points. The Dec contract filled the 116.80-116.90 gap from yesterday’s opening while the low in March was 10 points above yesterday’s. For those who mind gaps the one from yesterday between 120.40-120.50 along with the 112.80-113.70 (Oct 5-8) and 98.20-98.60 rollover gaps remain open. Intraday price action more or less mimicked that of the BRL which posted a 2 ½ month high ($/R 3.6931) before weakening a tad in subdued transactions and tightest range in 4 weeks. Open interest fell for the 12th day running which has raised caution amongst traders in light of the short covering nature of the buying, and paring down of the extreme record non-commercial short. Robusta traded a similar outside session with a higher high and low settling at 1755 plus $3 MT.
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