Arabica fell just shy of the week’s high yet posted an encouraging close nonetheless, settling 110.65 (+1.85). The day’s trading was very clearly macro influenced, with Presidential considerations on two continents pushing KC higher. The BRL continued yesterday’s late day rally, trading a 3.75 handle in an impressive turnabout as the centrist - and market friendly - candidate Geraldo Alckmin consolidates support for a run. The apparent deal to unite support amongst the five centrist parties will boost an allocation of airtime approaching the election. The USD did its part as well, falling to 94.5 on the index as President Trump granted an interview to CNBC in which he expanded upon yesterday’s disapproval of higher interest rates, following up with tweets to amplify the point and simultaneously signaling support for a weaker dollar. Robusta closed higher as well – albeit in slower trading allowing 1.35c widening of the arb. Sept settled 1683, +11 with structure close to unchanged. July maintains 2000+ lots of OI as last trading day sits a mere 3 trading days hence.
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