february 21, 2023.
Arabica coffee futures had a strong action Tuesday supported by short covering and spec buying. The most active contract for May delivery settled 410 points higher at 189.85 cents a pound. Origin selling was very limited with only some flow from Colombia. Typically, producers halt sales after the beginning of the delivery
period. The Carnival holiday kept Brazil’s producers out of the market. The holiday ends tomorrow at noon. The constructive technical outlook attracted good speculative participation as the market found good support against the 182-182 area. The dollar strengthened putting pressure over the Latin America currencies. The Colombian peso was down 0.9%. Brazil’s real was closed.
In London, the Robusta market for May delivery rose $ 16 or 0.8% at $2,133 per ton. The market followed the Arabica but with less speculative participation.
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