Arabica recorded the dullest trading day in months, yet captured the elusive-of-late positive finish, closing 111.15 +.65. Following yesterday’s consolidation signal, futures posted an inside day, the first since September 11 which was coincidentally the last time KC managed a positive close. The settle was indicative of the day, less than 2 ticks off the VWAP in Dec & March. Volume was light – the lowest since … September 11th – in total exchange traded futures, and the outright implied futures total was the lowest since Aug 24th. Price largely took its cue from the DXY on a twitchy FX trading day, with intraday dips in KC lining up with the dollar’s pushes higher. Weather may have been a factor in keeping new selling at bay as a high pressure ridge is forecast to keep rain at bay for the next 10-14 days with hot temperatures prevailing in Brazil. ZH gained a tick to -1.70, continuing to tell a different cert story than the narrative does, while ZZ gained 45 points to -6.55. Certs fell 1122 to 1,103,566. Pendings rose 2750 (all in Germany) to 10,436. No coffee was graded. Z 120 C led the option volume board at a mere 648 lots. Robusta gained $3 as well, closing 1352. U/X is effectively finished after a long journey, with the single lot of remaining OI trading out at a $58 premium.
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