The week thus far has been spent trading in a 4 cent (13905-14305) range with low summertime trading volume. Today, for a second day the market gapped higher on the opening then drifted lower only to reveal more spec buying interest along with bits and pieces of industry. The initial high of 14220 was printed on the opening, however it wasn’t until the close that the market was able to trade through and post a new high of 14250, as the pace of buying accelerated during the final minutes of trading. Conab announced that starting this week, and until the end of the year, they will be offering 693,000 bags of coffee in bi weekly auctions to help ease a domestic supply shortage caused by the slump in Robusta production. New York traded to the low for the day following the news, but it didn’t appear a game changer. London found keen buying interest from industry yet spec interests were disengaged in a $13 range sideways trading pattern. A decent close for the Arabica market on the intraday chart however how much can be read beyond that given the narrow bandwidth of the week’s range is questionable Tomorrow is the last trading day in July and we enter the day with the Sep contract today trading within the 14200-14790 range of the last trading day in June. Hopefully the day will prove more inspirational than the past four.
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