The month ended with the four cent range of the week being violated to the upside, causing the Arabica market to finally spark to life. News that the US economy grew less than expected in the 2nd quarter caused the dollar to weaken, which in turn got the market moving. Gross domestic product rose at 1.2% annualized rate up from the prior quarters .8% gain, but the median forecast called for a 2.4% quarterly increase. Coffee prices traded through the 14305 high of the week which ignited short term systems buy stops and easily traded above 145 as the sell side proved to be thin. London traded a fourth session of higher highs and lows, attracting momentum buying once the 1834 high of the past two weeks was taken out , closing with a solid $31 gain on the day and a $131 gain on the month. New York traded to the high of 14635 on the close (+420) only to back off to 14510 once month end settlement considerations were removed. July settled with a net gain of 55 points (14620 in KCU) for the highest close on monthly chart since January of 2015, while also posting its third consecutive higher high.
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