Coffee posted a second higher high, higher low, all the while closing 160 points lower at 102.20. All pertinent moving averages remain above current prices. The day was mostly quiet, with the European hours being marked by a choppy slide lower, an 8:30 selloff, and a 9:30 to 10:30 inverse V and a dreadfully small range for the balance of the day. One could argue that the Brl was a dominant feature – when can’t one? – yet the 8:30 drubbing was a unique event, and the end of day weakness was in opposition to the currency influence. Beyond that, there was very little to report, with commercial participants woefully non-participatory from our perspective. Robusta closed down $9 at 1492 as 58 lots were tendered for a month to date total of 231.
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