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Evening Coffee by Societe Generale

5/5/2016

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After running buy stops at 5-month highs in the first hour of active trading, New York fell over 2½¢ into negative territory. Weakness in the euro limited buying, although much of Europe was closed for a religious holiday. We rallied back to close just over one-half cent from the day's high, well above yesterday's high and above a daily downtrend dating back to April 21st. The 9-day smoothed stochastic turned positive.
     Jul16 London coffee closed above its 200-day moving average for the first time in its history, at its highest level since the first week of December. Scale-up selling from Vietnam emerged to meet the new highs. Jul16-Sep16 traded into a $5 discount.
  July New York (KCEN6) settled three-quarters to its high (75%), up 1.80¢. Volume was twenty-seven percent below average at an estimated 31,327 lots including an estimated 536 EFP's, 11 EFS's, 479 TAS and 9,690 spreads. 2,548 calls and 4,482 puts also traded. The KCEN6-LRCN6 arbitrage: 47.63¢. Ratio: 1.6494. €: $1.1398-0.8%. BRL: 3.5417/$+0.2%. CRB: -0.7%. Crude oil: +¾%. S&P500:-0.1%. Open interest: 195,230+2,417 (50-day stochastic: 78%; 125-day: 74%). No delivery notices were issued.
     July London (LRCN6) settled in its top quarter (79%), up thirty-two dollars. Volume was forty percent above average at an estimated 26,314 lots including 9,066 spreads and 305 EFP's. 3,355 calls and 1,900 puts also traded. Open interest: 107,144+224 (50-day stochastic: 3%; 125-day: 3%). Seven original tenders and 82 retenders were posted.
     The Department of Commerce reports that the United States was a net importer of 2.148 mln 60-kg bags (and equivalent) of coffee in March, down 7.3% from 2.317 mln bags in March 2015. 12-month net imports, however, were up 5.5% at 25.469 mln bags versus 24.143 mln bags in the Apr14-Mar15 period.
John Bernardi


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  • Home
  • Our Coffees
    • Montreal 'Spot' Offerings
    • New York 'Spot' Offerings
  • Our History
  • About N J Douek
    • Some of our services
    • Meet some of our team
    • Our Cupping Room/Offices
  • Coffee Commentaries
  • Price charts
  • Contact Us
  • Useful Info
  • Accueil
  • Nos cafés
    • Nos cafés à Montréal
    • Nos cafés à New York
  • Notre histoire
  • À propos de N J Douek
    • Certains de nos Services
    • Rencontrez notre equipe
    • Notre labo et bureaux
  • Nous contacter
  • Informations Utiles
  • Chartes de prix