A whipsaw day in the Arabica market as the early part of the trading session saw prices climb to yesterday’s 14575 high as the dollar weakened but lost traction from there on out as the commodity complex came under pressure. A double top in place encouraged some bits of origin to come to the market which was joined by an accelerated pace of macro related selling as softs, grains and energy took it on the chin. Snippets of industry showed up as prices fell below 142 yet found support from short term specs as the market approached and held the 14050 trend line of support. A disconnect occurred between the weaker dollar firmer commodity complex, as the selloff in commodities was blamed on equities falling the most we have seen in the past month. Coffee prices have now reversed all of Friday’s month end gains, settling smack in the middle of last week’s 4 cents range. With little fresh news on the coffee front we keep a sharp eye on the complex for directional cues
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